Mastering Employee Compensation
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Questions and Answers

Which one of the following is considered a type of compensation?

  • Hourly wages (correct)
  • Minimum wage
  • Exempt employees
  • Overtime pay

    • What is the formula to calculate the wages of an hourly employee?

  • Wages = Hourly rate / Hours worked
  • Wages = Hourly rate x Hours worked (correct)
  • Wages = Hourly rate + Hours worked
  • Wages = Hourly rate - Hours worked

    • Which type of employees are exempt from the overtime rules?

  • Non-exempt employees
  • Hourly employees
  • Salaried employees (correct)
  • Minimum wage employees

    • Which of the following is NOT a common way to get paid?

    <p>Cash</p> Signup and view all the answers

    What does YTD stand for?

    <p>Year-to-Date</p> Signup and view all the answers

    Which of the following is a mandatory payroll deduction?

    <p>Federal Income Tax</p> Signup and view all the answers

    What is the formula to calculate net income (net pay)?

    <p>Net income = Gross Income - Deductions</p> Signup and view all the answers

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