Employment Concepts and Job Application Essentials
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Questions and Answers

What is an employment agency?

  • A telemarketing service
  • A non-profit organization helping the unemployed
  • A business that has lists of job openings (correct)
  • A government office for job placements

    • What fee may you have to pay if placed in a job by an employment agency?

    Fee paid

    What is a resume?

    A short account of your education and qualifications for employment.

    What is the purpose of the W-4 form?

    <p>Used by employers for income tax purposes.</p> Signup and view all the answers

    What are employee benefits?

    <p>Additional compensation from your employer.</p> Signup and view all the answers

    What does a discount mean in the context of a fee?

    <p>Amount the fee was lowered.</p> Signup and view all the answers

    What does it mean to be paid weekly?

    <p>Paid every week; 52 pay periods a year.</p> Signup and view all the answers

    What does biweekly pay mean?

    <p>Paid every other week; 26 pay periods per year.</p> Signup and view all the answers

    What does semimonthly pay mean?

    <p>Paid twice a month; 24 pay periods per year.</p> Signup and view all the answers

    What does it mean to be paid monthly?

    <p>Paid once a month; 12 pay periods per year.</p> Signup and view all the answers

    What is direct deposit?

    <p>Paycheck amounts are automatically deposited electronically into bank accounts on payday.</p> Signup and view all the answers

    What is an hourly rate?

    <p>Pay per hour of work.</p> Signup and view all the answers

    What are regular hours?

    <p>The employee works a specific number of hours per week.</p> Signup and view all the answers

    What are overtime hours?

    <p>Hours worked beyond regular hours.</p> Signup and view all the answers

    What is the overtime hourly rate?

    <p>Usually greater than the hourly rate for regular hours.</p> Signup and view all the answers

    What does time and a half overtime mean?

    <p>1.5 times the regular rate of pay.</p> Signup and view all the answers

    What is double-time pay?

    <p>Twice the pay per hour of regular pay.</p> Signup and view all the answers

    What is gross pay?

    <p>The sum of your hourly pay and your overtime pay.</p> Signup and view all the answers

    What is minimum wage?

    <p>Lowest hourly rate that can be paid to an employee in the United States.</p> Signup and view all the answers

    What is commission?

    <p>Pay based on the amount of sales made.</p> Signup and view all the answers

    What does royalty mean in compensation?

    <p>Pay based on the amount of sales of a product produced by them but sold by another.</p> Signup and view all the answers

    What is piecework?

    <p>Items produced by a worker.</p> Signup and view all the answers

    What is a piecework rate?

    <p>Pay per item produced.</p> Signup and view all the answers

    What are employee benefits?

    <p>Value-added options that an employer may choose to offer employees.</p> Signup and view all the answers

    What types of insurance are included in employee benefits?

    <p>Health, life, disability.</p> Signup and view all the answers

    What is paid vacation time?

    <p>Pay for time while on vacation, limited to employer's discretion.</p> Signup and view all the answers

    What is paid holiday time?

    <p>Pay for national or religious holidays.</p> Signup and view all the answers

    What are retirement plans?

    <p>401k, Roth IRA, etc.</p> Signup and view all the answers

    What are investment plans?

    <p>Investment in a money market, stock market, etc.</p> Signup and view all the answers

    What are stock ownership plans?

    <p>Investment specifically in certain risk stock markets.</p> Signup and view all the answers

    What is childcare leave?

    <p>Federal mandate that requires the employer to hold your job while you are out for care of a child.</p> Signup and view all the answers

    What is family healthcare?

    <p>Health insurance that covers all family members through the age of 26.</p> Signup and view all the answers

    What is individual healthcare?

    <p>Health insurance for the employee only.</p> Signup and view all the answers

    What is a pension?

    <p>Compensation that an employee receives from an employer after retirement.</p> Signup and view all the answers

    What is unemployment insurance?

    <p>Government-based program that offers benefits to eligible employees who become unemployed.</p> Signup and view all the answers

    What is the base period?

    <p>Salaries that the employee earned during a fixed period of time.</p> Signup and view all the answers

    What is workers' compensation?

    <p>Financial assistance to those employees injured at work.</p> Signup and view all the answers

    What is social security?

    <p>Provides income for people after they retire, also pays benefits to disabled workers.</p> Signup and view all the answers

    What is FICA?

    <p>Federal Insurance Contributions Act started in 1935 by Franklin D. Roosevelt.</p> Signup and view all the answers

    What is FICA tax?

    <p>Tax if you work at a company covered by social security.</p> Signup and view all the answers

    What is social security tax?

    <p>6.2% of gross pay to cover programs.</p> Signup and view all the answers

    What is Medicare tax?

    <p>1.45% of gross pay to cover programs.</p> Signup and view all the answers

    What is maximum taxable income?

    <p>The most an employer can take out to cover social security programs.</p> Signup and view all the answers

    What is a social security number?

    <p>Unique nine-digit number that belongs only to you.</p> Signup and view all the answers

    Study Notes

    Employment Concepts

    • Employment agency provides lists of available job openings for job seekers.
    • A fee may be charged by the employment agency if a job candidate is placed in a position.

    Job Application Essentials

    • A resume summarizes an individual's education and qualifications relevant to employment.
    • The W-4 form is utilized by employers to determine the income tax withholding for employees.

    Payment Structures

    • Benefits are additional compensations provided by employers beyond salary.
    • Various pay schedules include:
      • Weekly: 52 pay periods per year.
      • Biweekly: 26 pay periods per year.
      • Semimonthly: 24 pay periods per year.
      • Monthly: 12 pay periods per year.

    Direct Payment Methods

    • Direct deposit allows automatic electronic transfer of paycheck into bank accounts on payday.

    Work Hours and Compensation

    • Hourly rate refers to the pay an employee receives for each hour worked.
    • Regular hours consist of a specified number of hours worked weekly.
    • Overtime hours are any hours worked in excess of regular hours, usually compensated at a higher rate.

    Overtime Compensation

    • Overtime hourly rate is often higher than the regular hourly rate.
    • Time and a half overtime equates to 1.5 times the standard pay.
    • Double-time pay is calculated as twice the regular hourly rate.

    Understanding Pay

    • Gross pay is the total of hourly and overtime earnings combined.
    • Minimum wage is the legal lowest hourly pay an employee can receive in the United States.

    Commission and Royalties

    • Commission is earnings based on sales performance.
    • Royalties are payments derived from the sale of products created by someone but sold by another party.

    Unique Payment Structures

    • Piecework involves payment based on the number of items produced.
    • Piecework rate is the pay for each item manufactured.

    Employee Benefits Overview

    • Employee benefits are additional options that employers may offer to their workforce, enhancing overall compensation.
    • Types of benefits include:
      • Insurance: Covering health, life, and disability.
      • Paid vacation time allows employees to receive pay during absence on vacation.
      • Paid holiday time offers compensation for national or religious holidays.
      • Retirement plans like 401(k) and Roth IRA provide saving options for employees post-retirement.
      • Investment plans can involve contributions to money market or stock market investments.
      • Stock ownership plans offer investment opportunities in specific stock markets.

    Family and Health Insurance

    • Childcare leave entitles employees to time off to care for a child while retaining their job position.
    • Family healthcare ensures insurance coverage for all family members until the age of 26.
    • Individual healthcare insurance covers only the employee.

    Retirement and Safety Nets

    • A pension provides compensation to retirees after they stop working.
    • Unemployment insurance supports eligible unemployed individuals due to circumstances beyond their control.
    • Base period calculations involve assessing earned salaries over a defined timeframe.

    Workplace Safety and Social Security

    • Workers compensation is designed to assist employees who sustain injuries at work.
    • Social security provides income post-retirement and benefits for disabled workers or families of deceased workers.

    Taxation and Contributions

    • FICA (Federal Insurance Contributions Act) was established in 1935, initiated by President Franklin D. Roosevelt.
    • FICA tax applies to employees working for companies covered by social security.
    • Social Security tax is 6.2% of gross pay, funding social programs.
    • Medicare tax contributes 1.45% of gross pay to healthcare funding.
    • Maximum taxable income is the cap on earnings subject to social security tax deductions.
    • Social Security Number (SSN) is a unique identifier assigned to individuals for tracking earnings and benefits.

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    Description

    This quiz covers vital concepts related to employment, including job application essentials, payment structures, and compensation methods. Test your knowledge on resumes, employment agency fees, and direct payment methods to solidify your understanding of the employment landscape.

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