Salaries And Wages Flashcards
It is a way to provide monetary value to employees in exchange for their work/service
performed
Compensation
is the total amount required to pay workers and
employees during a week, month, or another period
Payroll
It is also defined as the total sum of money paid to
employees at a given time.
Payroll
is the total amount of an employee’s earnings before deductions have been
made by the employer
Gross pay or gross earnings
is the monetary remuneration computed on an hourly,
daily, weekly, or piece work basis.
wage
A fixed weekly or monthly wage
Salary
can be computed in a prorating annual salary or time basis pay or by piecework.
Salary
The compensation is usually stated as the specific hourly rate, day, week, month, or year.
Time Basis Pay
Workers in factories and industries are often paid according to the number of pieces/units they produce,
Piece-Rate Pay
In some cases, workers who produce/sell more than
the standard quota of units were given incentive
Piece-Rate pay
A worker is paid the guaranteed wage (i.e., hourly,
daily, weekly, or monthly) for producing the standard quota of units and is paid at the same rate for
producing/selling extra units within the standard work period.
Piece-rate pay
In the Philippines, holidays are grouped into two (2):
Regular holiday and special holiday
holidays that usually have a fixed date,
Regular holiday
holidays which have a flexible date
Special holiday
The type of holiday that are usually enacted by Congress and can
also be declared under the judgment of the President.
Special Holiday
_________ of the Labor Code states that the normal working hours of an employee shall not exceed ________ a day.
Article 83, 8 hrs
Working hours over eight (8) hours is called __________.
Overtime
___________ of the same code provided that the employee shall be paid the following for the overtime work:
Article 87
is the imposition of a mandatory tax of the government of a country to its citizens
Taxation
is the total amount collected from the citizens and is the primary source of public services financing.
Tax revenue
the Bureau of Internal Revenue (BIR) issued Revenue Regulation No. 5-2011,
which contains details of compensation items exempt from withholding or fringe benefits tax. These items
are also known as
De Minimis Benefits.
In the Philippines, all rank-and-file employees in the private sector who have worked for at least one (1)
month during the calendar year are entitled to receive
13th – month pay.
As defined under ________ (a) of the Labor Code, a qualified pregnant woman employee shall be entitled
to ________ of maternity leave.
Article 133 and 6 (six) weeks
As defined under Article 133 (a) of the Labor Code, a qualified pregnant woman employee shall be entitled
to 6 weeks of ______________.
maternity leave
A ________ refers to two (2) consecutive quarters ending in the quarter of sickness.
Semester
• A ________ refers to three (3) consecutive months ending March, June, September, or
December.
Quarter
____________ is the compensation base for contributions and benefits related to the
total earnings for the month.
Monthly salary credit
Under the amended _______ of the Labor Code, any employee who will retire from work shall be
entitled to receive a .
Article 302 & retirement benefit
What are two (2) types of retirement:
Compulsory and optional
this happens when the employee reaches the age of 65.
Compulsory
this happens when the employee meets the agreement in an existing contract with
his/her employer. For example, an agreement provides that at age 45, an employee has the option
to retire.
Optional
What are the types of Standard Payroll Deductions
SSS
GSIS
PAG-IBIG
PhilHealth
A social security protection for workers in private institutions.
Social Security System
A social protection for government employees.
GSIS or Government Social Insurance Security
A program focused on prioritizing the health of government and private employees.
PhilHealth
An affordable savings for shelter/housing financing for government and private
employees. It is also known as Home Development Mutual Fund (HDMF).
PAG-IBIG
is the amount of tax to be
withheld by the employer from an employee’s
salary.
Withholding tax
Also known as the “take home money”
Net pay
