The Federal Reserve System Was Established in Which Year

question 489

Multiple Choice

The Federal Reserve System was established in which year?

• A) 1865
• B) 1913
• C) 1929
• D) 1941

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Definitions:

FICA Medicare

FICA Medicare refers to the portion of the Federal Insurance Contributions Act tax that is designated for Medicare, providing health insurance for individuals over 65 and some younger people with disabilities.

Gross Pay

The total amount of money earned by an employee before any deductions or taxes are applied.

Regular Rate

The hourly pay rate that is used to calculate overtime pay for non-exempt employees according to the Fair Labor Standards Act (FLSA).

Excess Hours

Hours worked beyond the normal or scheduled work time, often considered overtime.