Lesson 2: Salary and Overtime Flashcards
a form of payment from an employer to an
employee, which may be specified in an employment
contract
salary
a fixed regular payment, typically paid on a
monthly or biweekly basis but often expressed as an
annual sum, made by an employer to an employee,
especially a professional or white-collar worker.
salary
the amount paid to an employee before
any extras are added or taken off, such as reductions
because of salary sacrifice schemes or an increase due
to overtime or a bonus.
basic salary
such as internet for
home-based workers or contributions to phone usage,
would also be added to the basic salary.
allowances
the compensation usually quoted annually
or monthly for an employee
basic salary
the compensation usually quoted annually
or monthly for an employee
basic salary
compensation quoted in an hourly or daily rate
for an employee
wage
a particular amount of money that is paid,
usually every week, to an employee, especially one does
work that needs physical skills or strength, rather than a
job needing a college education
wage
money (or some equivalent value) that an
individual or business receives, usually in exchange for
providing a good or service or through investing capital.
income
used to fund day-to-day expenditures.
Investments, pensions
income
primary
sources of income for retirees
social security (pension)
income is most often received in the form of
wages and salary
can refer to a company’s remaining
revenues after paying all expenses and taxes
business income
income is referred to as
earnings
A product or service’s customer-oriented
strengths
benefits
statements of a valuable product or service
feature, with an emphasis on what the customer gets
from the products.
benefits
defined as a form of
compensation paid by employers to employees over and
above regular salary or wages.
employee beneits
the amount earned by any
person before subtracting the taxes, benefits,
loans, and other possible deductions.
gross earnings
the amount earned by any person
from the gross earnings less the total deductions
net earnings
the amount held by any authority
as a form of payment for some necessary dues like
taxes, loans, etc.
deductions
formula for total earnings
total earnings = deductions + net earnings
formula for net earnings
net earnings = total earnings - deductions
formula for deductions
deductions = total earnings - net earnings
the basic amount a
worker earns for a standard workday.
daily wage
