Final answer:
The Fair Labor Standards Act is the federal law that encompasses payroll record-keeping, equal work, minimum wages, and overtime pay requirements.
Step-by-step explanation:
The federal law that covers payroll record-keeping requirements as well as equal work, minimum wage rates, and overtime pay is A) Fair Labor Standards Act (FLSA). This act sets basic labor standards in the US, including setting minimum hourly wages, delineating overtime pay requirements, regulating child labor, and establishing record-keeping standards for employers.
The FLSA's main goal is to protect workers from unfair pay and exploitative work conditions, promoting a fair balance of power between employers and employees.