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Salaries and Wages

Payroll is defined as? a list of employees receiving salaries or wages, and the amounts due to each
The amounts due to each employee is called a? wage or salary.
A salary is usually an amount paid to an employee as specified in their..... contract
A wage is where each... job, unit of production, or hour is paid separately, usually weekly.
The amount you earn is called? gross pay
The amount you actually receive is called? net pay
Gross pay can be made up of ... several amounts
Gross pay can include basic pay overtime bonus commission price work
Basic pay is the amount as agreed in the contract of employment
Overtime is payment for extra hours worked and above those stated in the contract
Most workers have the right not to work for more that 48 hours per week on average (although they can elect to do so)
Most overtime is paid at Premium (an extra amount to the regular rate,ie. time and a half)
Some employees are paid overtime for working unsocial hours - weekends, bank holidays or through the night
A bonus is given to employees for particularly good work, reward or as an incentive
Created by: lesterstoffels
Popular Accounting sets




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