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 (D)</p> Signup and view all the answers

What does YTD stand for?

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

Which of the following is a mandatory payroll deduction?

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

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

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

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