Compare and contrast wage and salary
What will be an ideal response?
Answer: Most employees receive the bulk of their compensation in the form of salary, if they receive a fixed amount per year, or wages, if they are paid by the unit of time (hourly, daily, or weekly) or by the unit of output. The Fair Labor Standards Act, introduced in 1938 and amended many times since then, sets specific guidelines that employers must follow when administering salaries and wages, including setting a minimum wage and paying overtime for time worked beyond 40 hours a week. However, most professional and managerial employees are exempt from these regulations, so their employers don't have to pay them for overtime. The distinction between exempt employees and nonexempt employees is based on job responsibilities and pay level. In general, salaried employees are exempt, although there are many exceptions.
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The balance sheet is a snapshot of the entity. Which of the following is included on the balance sheet?
A) Revenues B) Expenses C) Assets D) Dividends
The high profit sales force programs in a Low-Cost business strategy are likely to include:
a. extensive use of independent sales agents. b. compensation that is largely salary. c. evaluations based on behaviors, as well as outcomes. d. both a and b above. e. none of the above.