Payroll Terms
What kind of payroll schedule does our company use?
semi monthly
Nonexempt employees who work more than five hours in a day must be provided with the opportunity to take a ___-minute unpaid, off-duty meal period, which must begin no later than the end of the employee’s fifth hour of work.
30 minute
Under the new Ross 401(k) plan, how many days will an employee need to be with company before they start contributing to their 401(K)
60 days
What time do banks close?
5PM EST/2PM PST
What state do I live in?
California
What is the overtime rate?
1.5
What is the CA payout law for an employee who has resigned with the company?
Within 72 hours, but if an employee gives at least 72 hours’ notice, the final wages must be paid at the time of resignation
What is the penalty percentage if you withdraw from your 401(K)/ IRA before the age of 59 1/2?
10%
The amount of money actually received by the employee after all deductions are subtracted is called the ________.
Net Pay
how many cats do I have?
2
What is an exempt employee?
Employees that are exempt from overtime pay, typically these employees receive a salary
Name one reason on how an employee can get a meal premium
- Did not take a full 30 min lunch
-Took a lunch after the 5th hour
Under the new Ross 401(k) plan, what percent is our safe harbor 401(k)?
3%
Name one example of a pre tax deduction
401(k), medical, dental, vision, hsa, FSA
how old am I?
29
What is a deduction?
Payroll deductions are the amounts withheld from employee compensation to cover taxes, benefits and other obligations.
What is the California Pay Transparency Law?
California requires employers to be upfront about pay. If you have 15 or more employees, you need to include a pay range in job postings for any role that someone can perform in California, even if your company sits somewhere else.
what kind of tax deduction is a roth 401(k)?
post-tax deduction
Individual Retirement Account
Name one country I have traveled to
Vietnam, Japan, Malaysia, Canada, UK, Poland, Italy, Thailand
What is the supplemental wage tax rate?
22%
Give me one example of a CA alternative workweek (just give me numbers, I don't need an explanation)
4/10, 9/80
What is the limit for 401k contributions in 2026?
$24,500
Bonus, PTO cashout, LTIP, severance, commission
What is one of my cats name?
Cherry, Figgy