Business, 24.11.2019 22:31 kyramillerr8639
1. a standard work week is 40 hours. employers must pay the agreed-upon hourly rate of pay for these hours. here, 40 hours x $8/hr. = 320.00
2. employers usually pay one-and-a-half time the standard hourly rate for any hours over 40 that are worked. half of $8 is $4 so the overtime rate is $8+4$=$12. keisha's overtime pay is 4 hours x $12/hr. = 48.00
3. gross pay is total earnings (standard and overtime) before taxes and deductions. gross pay in the case is $320.00 + $48.00 = $368.00
4. 401(k) is a retirement account contribution that is tax-free until your retire. for the year 2003, individuals 50 years or older can contribute up to a maximum of 13,000 to this fund annually. individuals under the age for 50 can contribute up to 12,000
5. fica stands for federal insurance contribution act. this is the money that is deducted and put into your social security fund. your social security fund holds a percentage of your earnings averaged over most of your working lifetime. social security was never intended to be your only source of income when you retire or become disabled, or your family's only income if you die. it is intended to supplement other income you have from pension plans, saving investments, etc. currently, each one of your paychecks will be reduced by 7.65% specifically for your fica contribution. your employer is required by law to match this same amounr and pay it to social security
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