Pay & Wages

standard work week

forty hours in a five day period, eight hours each day

wage

amount paid to the employee for every hour worked

minimum wage

lowest pay rate allowed by law for each regular hour worked

overtime

any hours worked beyond the normal work week (time and a half pay)

salary

fixed annual sum of money divided among equal pay periods

gross pay

total earnings, amount earned before deductions are subtracted

deductions

amounts both required and optional, subtracted from gross pay

net pay

take home pay, total earnings paid after taxes and other deductions

tip

gift of money, often based on a percentage of the total bill

commission

set fee or percentage of a sale paid to an employee instead of/in addition to a salary or wage

time clock

device used to record the dates/times of every employee arrival and departure