Computing Salary, Wages, and Commission

Flashcards defining different methods of compensation, overtime calculations, and labor payment rates from the lecture notes.

salary

A fixed amount of compensation paid to an employee on a regular basis, often for managerial roles.

wage

Payment earned for work performed, often based on time worked.

Commission

Earnings calculated as a percentage of sales made, which can be pure commission or a base salary plus commission.

piece-rate earnings

Payment based on the number of items produced or completed.

overtime pay

Additional compensation an employee receives for working beyond their standard contracted hours.

Standard overtime rate

Calculated as the regular hourly rate $+ 1.25$.

Rest day / special holiday rate

Calculated at $1.30$ times the regular hourly rate.

Regular holiday rate

Calculated at $2.00$ times the regular hourly rate.

Regular holiday on a rest day rate

Calculated at $2.60$ times the regular hourly rate.

night shift differential

An additional multiplier of $1.10$ for work performed during night hours.

Night shift hours

The time period between $10\,\text{pm}$ and $6\,\text{am}$ for which night shift differential is applicable.