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What is a wage
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What is a salary
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Calc. Pay

Calculating Pay and payslips

QuestionAnswer
What is a wage A wage is paid for the number of hours a person works or quantity of goods they make each week or month
What is a salary A fixed amount of money an employee receives per year paid in equal amounts monthly, weekly.
What is time rate This means paying an employee based on how many hours they do. The more hours, higher the pay. E.G. Hours X Rate = Gross Pay
What is Piece Rate This means paying an employee based on how many units they make kept track by a supervisor E.G. 30$ per unit
What is Total Pay Consists of basic pay, overtime, commissions and bonuses combined
What is overtime A payment for a person who works more hours that they are meant to
What is a commission A % of the value of the product an employee sells. E.G. A businessman
What is a bonus A reward given to an employee if the company does well
What is a payslip Each time an employee is paid they must receive one of these
Created by: georgejoseph
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