Explain the difference between wages and salaries.
What will be an ideal response?
Answers will vary. The most common compensation systems in the United States are wages and salaries. Wages refer to pay in exchange for the number of hours or days that an employee works. Variations can be huge, starting at the federal minimum wage of $7.25 per hour (as of May 2017) and ranging up to more than $50 per hour. Jobs that require less education-such as flipping burgers-typically pay hourly wages. Federal law requires companies to pay nonexempt wage earners overtime, 50% more than their standard wage, for every hour worked over 40 hours per week.Salaries, on the other hand, cover a fixed period, most often weekly or monthly. Most professional, administrative, and managerial jobs pay salaries. While salaries are usually higher than wages, salaried workers do not qualify for overtime, which means that sometimes a low-level manager's overall pay may be less than the pay of wage-based employees who work for that manager.
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1. Vacation, health, and pension benefits must be estimated and recorded as a liability. 2. When an employee takes a paid vacation, the Vacation Benefits Payable account will be decreased with a credit. 3. A pension plan is a plan that provides benefits to retired employees. 4. Warranties pose an accounting challenge because a company does not know which or how many products will have to be repaired. 5. The entry to accrue the warranty payable includes a credit to Warranty Expense.
The property owner is freed from retail facility management and the retailer controls maintenance in a net lease
Indicate whether the statement is true or false
With video or teleconferences, it is important to
A) Make sure participants have printed materials to reference. B) Keep the number of participants to a minimum. C) Direct questions and comments to speci?c individuals. D) All of above. E) A and C.
Expenses that are easily traced and assigned to a specific department because they are incurred for the sole benefit of that department are called:
A. Uncontrollable expenses. B. Indirect expenses. C. Controllable expenses. D. Direct expenses. E. Fixed expenses.