Match the Following Terms with Their Definitions

question 81

Multiple Choice

Match the following terms with their definitions.
-FICA

• A)May be used in calculating Social Security and Medicare
• B)Pay rate based on schedule of units completed
• C)Income tax
• D)Minimum wage standard
• E)Alternative method to percentage method
• F)52 times a year
• G)Aids in determining amount of FIT withheld
• H)26 times a year
• I)Method to calculate FIT
• J)24 times a year
• K)Different levels result in different commission scales
• L)Wages subject to tax
• M)Commission to manager
• N)Broken down into Social Security and Medicare
• O)Wages before deductions
• P)Gross pay minus deductions
• Q)Aids unemployment program
• R)Wages based on percent of the value of goods sold
• S)Affected by company's employment record

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Definitions:

Fine Imposed

A monetary penalty levied by an authority on individuals or entities as punishment for violations of legal rules or regulations.

Interest Rate

The cost of borrowing money or the compensation for the service and risk of lending money, usually expressed as a percentage.

Plaster

A mixture of water, lime, or cement, and sand, used to coat walls and ceilings for a smooth or decorative finish.

Labor

Human effort used in the production of goods and services in the economy.