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Internal Revenue Code of 1986

The main body of federal tax laws in the United States, which outlines rules for income, deductions, and other tax-related matters.

Deduction

An amount that can be subtracted from your total income before calculating your taxes, which lowers the amount of income subject to federal tax.

Overtime Compensation

Extra pay an employee receives for working hours beyond a standard workday or workweek, typically at a higher rate like 'time-and-a-half'.

Fair Labor Standards Act of 1938 (FLSA)

A federal law that sets standards for minimum wage, overtime pay, recordkeeping, and child labor for many private and public sector employees.

Regular Rate

The normal hourly wage an employee earns for their work, which is used as the base to calculate overtime pay (e.g., if the regular rate is $20/hour, time-and-a-half is $30/hour).

Collective Bargaining Agreement

A written contract negotiated between an employer and a labor union representing employees, outlining terms and conditions of employment, including wages, benefits, and work rules.

Taxable Years