Chapter 19 Vocabulary
A B
salary a fixed amount of money paid to an employee for each pay period, regardless of the number of hours worked
hourly wage a specific amount of money paid per hour to an employee
overtime rate the amount paid above the normal rate (usually 1.5 x normal rate)
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Chapter 19 Vocabulary – Quia
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What is a fixed amount of pay?
Unlike a salary where you make the same amount regardless of how much time you work, hourly workers are paid for exactly the amount of time they spend working. A fixed hourly rate of pay means you have a set amount you’re paid for each hour of work you perform.
What is a regular amount of money paid for a fixed amount of work?
1. Salary wages. If an employee earns a salary, they receive a fixed, regular payment per year.
When you are paid by the hour it is called?
An hourly employee is paid based on an hourly amount. Hourly employees don’t have a contract under most circumstances, and they are only paid for the hours they work. The employer determines the hours for an hourly employee each week.
What is the term for the total amount of money an employee earns in a pay period?
Gross earnings. the total amount of money an employee earns in a pay period; also called gross pay. Salary.
What does fixed amount mean?
❖ Fixed Amount means the amount you want to go into this account each pay period. ❖ Remainder means after the fixed amounts, the rest of your check. If you have only one account, it will be the remainder account.
How is fixed pay calculated?
Difference between Fixed Pay and Variable Pay in salary structure? Fixed Pay is what is defined as fixed and you will get the same salary as was mentioned in the offer letter. Your package= Fixed Pay (X% of total package) + Variable Pay (100-X% of total package).
What is the money paid for work called?
Someone’s wages are the amount of money that is regularly paid to them for the work that they do.
What is it called when you get paid per job?
Piece work (or piecework) is any type of employment in which a worker is paid a fixed piece rate for each unit produced or action performed, regardless of time.
What is money from work called?
Remuneration is the total compensation received by an employee. It includes not only base salary but any bonuses, commission payments, overtime pay, or other financial benefits that an employee receives from an employer.
What is variable and fixed wage system?
Fixed pay is the fixed amount of salary that an employee gets at the end of the month whereas Variable pay is the incentive paid to the employee, monetary or non-monetary, based on their performance for the month.
How does hour work?
Your hourly rate is the amount of money you earn for each hour you spend working. As an hourly employee, you should get paid for all of the hours that you work. If an employer wants more of your time, they’ll have to pay you more. For example, if you work 25 hours and 30 minutes, you’ll get paid for 25.5 hours.
How does getting paid by the hour work?
How does hourly pay work? Hourly employees get paid for the actual number of hours they worked. As opposed to salaried employees who get paid a predetermined salary, the pay an hourly employee receives depends on their work schedule. Therefore, the pay you receive as an hourly employee varies each week.
What is the meaning of gross earning?
Key Takeaways. Gross earnings is the total amount of income earned over a period of time by an individual/household or a company. The gross earnings for a person or household are any income without any deductions. For a business, gross earnings are the total revenue less the cost of goods sold.
What is meant by gross income?
Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income. Adjustments to Income include such items as Educator expenses, Student loan interest, Alimony payments or contributions to a retirement account.
What is the term for the total amount of pay due to an employee for a pay period before any deductions are taken?
Gross pay is the amount of money your employees receive before any taxes and deductions are taken out. For example, when you tell an employee, “I’ll pay you $50,000 a year,” it means you will pay them $50,000 in gross wages.
References:
- https://work.chron.com/fixed-hourly-rate-pay-20447.html
- https://www.patriotsoftware.com/blog/payroll/types-of-wages-small-business/
- https://www.thebalancesmb.com/salary-vs-hourly-employee-397909
- https://quizlet.com/9460537/chapter-12-flash-cards/
- https://memcu.com/wp-content/uploads/2018/03/CPL_deductions.pdf
- https://www.paisabazaar.com/salary/variable-pay/
- https://www.collinsdictionary.com/dictionary/english/wage
- https://en.wikipedia.org/wiki/Piece_work
- https://www.investopedia.com/terms/r/remuneration.asp
- https://www.groupdiscussionideas.com/fixed-pay-vs-variable-pay/
- https://www.indeed.com/career-advice/pay-salary/salary-vs-hourly-pay
- https://www.indeed.com/career-advice/career-development/hourly-employee
- https://www.investopedia.com/terms/g/gross_earnings.asp
- https://www.irs.gov/e-file-providers/definition-of-adjusted-gross-income
- https://gusto.com/blog/payroll/difference-between-net-pay-gross-pay