Question

1. Define "Minimum wage", and tell me what the current minimum wage is today.
2. What is Social Security?
3. When is Social Security expected to run out of money?
4. What is the difference between Salary pay and Hourly pay?
5. List (3) advantages & (3) disadvantages of Salary pay & Hourly pay.
6. What is Bonus pay?
7. List 3 reasons you might get bonus pay.
8. What is Commissioning pay, as it pertains to income?
9. What is overtime pay and what is the formula for it?
10. Why do some states have a State Income Tax?
11. What is Medicare?
12. What is a FICA tax?
13. What are the common pay schedules in the US?
14. What is a 401-K?
15. What is gross pay (income) and what is the formula for it?
16. What is net pay (income)?
17. Two questions for this scenario - If you got a job working 40 hours per week at $15/hr..
A. What is your weekly gross income?
B. What is your yearly/ annual gross income?
18. If you receive a yearly salary of $31,200:
A. What is your monthly gross income?
B. What is your weekly gross income?
19. List all standard deductions that normally get taken out of a paycheck to determine your net income.
20. Another name for yearly salary is
salary
21. What is the current Social Security tax rate?
22. What is earned income?
23. What is a payroll deduction and give 3 examples?
24. Net pay is also known as
pay.
25. What is a Form W-4 used for?
(I accidentally put 5 points on the other one)

Answer 1

Answer:

1) Minimum wage is the base pay, or lowest pay, an employee can get without commission

2) social security is any government system that provides monetary assistance to ppl with an inadequate, or nonexistent income

3) 2037

4) hourly pay is an income that gets paid by the amount of time you were in work, and not how much you worked, if u spent more time working, u get paid more

salary pay is when an employee has a set pay that does not fluctuate

6) an addition to employees on top of their base salary

Explanation: