Answer the following statement(s) true (T) or false (F)
1. The purpose of the petty cash fund is to avoid writing checks for small amounts.
2. Hourly wage x hours worked = net earnings.
3. The Fair Labor Standards Act requires overtime payments for part-time hourly employees for every hour worked beyond the normal 8 hours in a day or 40 hours in a week.
4. The law requires all employers to withhold money from employees' net earnings to pay federal, state, and local income taxes.
5. All employees should update their W-4 forms once a year.
1. True
2. False
3. True
4. False
5. True
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