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Total Rewards Re: Compensation – Questions & Answers
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Total Rewards Re: Compensation – Questions & Answers
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Total Rewards Re: Compensation – Questions &Answers
Halsey Premium Plan Right Ans - Incentive plan where the workers receive
a guaranteed hourly wage plus a % of the wage for any time saved
(Guaranteed rate x completion time) + (savings rate x time saved)
Tipped Employees Right Ans - employees who customarily and regularly
receive at least $30/month in tips may be paid $2.13/hr, as long as hourly
wage plus tips equals the minimum wage
Payroll mistakes can be costly, so payroll requires an accurate and efficient
process. Knowing how to calculate pay is essential for running an accurate
and legal payroll.
Question
:
Which elements of the payroll calculation are applied twice?
Instruction: Choose all options that best answer the question.
Statutory taxes
Gross pay
Voluntary deductions
Statutory deductions
Pre-tax deductions
Taxable benefits Right Ans - Pre-tax deductions
Taxable benefits
Statutory taxes Right Ans - are mandatory items to be withheld and are
straight deductions. Examples include Social Security, Medicare,
Gross pay Right Ans - is the employee's income before taking out
deductions. It includes the salary and wages earned for the period and
additional earnings such as tips and commissions.
,Voluntary deductions Right Ans - include group healthcare insurance, some
retirement plans, and other authorized deductions. Any deduction from the
employee's pay requires the employee's consent.
Statutory deductions Right Ans - are ordered mandatory non-tax
deductions such as child support payments, garnishments, and levies. The
instructions on these need to be explicitly followed and executed on the
soonest payroll.
Pre-tax deductions Right Ans - are subtracted from gross pay to determine
some or all of their taxes so taxable income can be lowered. The amount still
remains a deduction in the final calculations.
Taxable Benefits Right Ans - When the employee receives a benefit of
significant value, tax is paid on that value. The amount is added to gross pay to
calculate taxes and then removed. Examples include employer-paid disability
premiums and personal use of a company vehicle.
Which pre-1995 act prohibits discriminating against employees 40 years of
age and older in hiring, promotions, training, benefits, and terminations?
Equal Pay Act
The Congressional Accountability Act
Age Discrimination in Employment Act
Uniformed Services Employment and Reemployment Rights Act
The Civil Rights Act Right Ans -
Variable compensation, also known as incentive pay, plays a strategic role in
increasing organizational effectiveness. Most programs are individual, group,
organization-wide, or some combination thereof.
Question
:
Which type of program provides a one-time bonus amount based on
performance?
Cash award program
Salary plus commission program
Non-cash award program
Straight salary program Right Ans - Cash award program
, Cash award programs Right Ans - provide extra cash compensation based
on performance. They are one-time bonus amounts and don't increase the
employee's regular pay.
Salary plus commission Right Ans - is a sales incentive program used when
an organization needs to reward behaviors that support strategy. Sales
commissions help to motivate sales teams.
Non-cash awards Right Ans - are offered to recognize performance, special
contributions, and length of service. Examples include gifts, awards, trips, and
prizes.
Straight salary Right Ans - is a sales incentive program when more time is
spent on service than sales to establish or build a relationship. It is one of four
common types of sales incentive programs; the others are salary plus
commission, salary draw, and straight commission.
Salary Draw Right Ans - a cash advance that must be paid back as
commissions are earned
straight commission compensation plan Right Ans - compensated solely by
sales in a given period
Payroll is a sensitive process that ensures all employees get paid accurately
and on time.
Which payroll domain responsibility involves creating the direct deposit file
for the bank and printing and distributing pay stubs to employees?
Recordkeeping
Paycheck processing
Timekeeping
Payroll accounting Right Ans - Paycheck processing
Recordkeeping Right Ans - relates to the documentation employers are
required to maintain. Employers must keep record of wage calculations for
two years, and keep payroll data on file for at least three years.
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