Computing Salary, Wage, and Commission

Vocabulary flashcards covering types of income, overtime rates, and payroll calculations from the Benilde Senior High School Business Math lecture.

Salary

A fixed regular amount of income paid for a regular pay period, regardless of the specific hours worked.

Wage

Income that is determined by the amount of time worked, often expressed as an hourly rate or a daily rate.

Commission

Payment based on the amount of sales made, typically calculated as a percentage of the total sales value.

Piecework

A type of income where the worker is paid based on the number of individual items they complete.

Monthly Salary Formula

$$\frac{\text{Annual Salary}}{12}$$

Weekly Salary Formula

$$\frac{\text{Annual Salary}}{52}$$

Semi-monthly Salary Formula

$\frac{\text{Monthly Salary}}{2}$, representing pay provided twice a month.

Monthly Wage Convention

A lesson assumption that treats a month as having $24 \text{ days}$ based on $6 \text{ days/week} \times 4 \text{ weeks/month}$.

Overtime Pay

The additional payment an employee receives for working beyond the regular $8 \text{ hour}$ workday.

Ordinary Working Day Overtime Rate

A rate of $125\%$ of the regular hourly rate.

Rest Day / Special Holiday Rate

A compensation rate of $130\%$ of the regular rate.

Regular Holiday Rate

A compensation rate of $200\%$ of the regular rate.

Regular Holiday + Rest Day Rate

A compensation rate of $260\%$ of the regular rate.

Night Shift Differential

An additional $+10\%$ rate applied for work performed between $\text{10:00 PM}$ and $\text{6:00 AM}$.

Pure Commission

An income structure where the worker earns income exclusively from the sales they make.

Base Salary + Commission

An income structure that combines a fixed regular salary with additional earnings based on sales.

Allowance

An additional amount provided to an employee for specific expenses, such as transportation, meals, or communication.

Total Income Formula

$$\text{Regular Pay} + \text{Overtime} + \text{Allowances} + \text{Other Earnings}$$

Data Privacy Act of 2012

Also known as $\text{RA 10173}$, the law DLS-CSB complies with to protect personal information confidentiality.

DLS-CSB

De La Salle-College of Saint Benilde, the institution issuing the data privacy notice.