Table of Contents
- 1 What is a fixed amount of money paid to an employee for each pay period?
- 2 What do we call it when a worker receives a specified amount of money for each item of work completed?
- 3 Is an amount of money an employee receives for every hour of work?
- 4 What determines the amount of money an employee will be paid per period?
- 5 What is fixed salary mean?
- 6 What is a fixed hour?
- 7 How much do monthly rate employees get paid?
- 8 How is overtime calculated for a day rate employee?
What is a fixed amount of money paid to an employee for each pay period?
Chapter 19 Vocabulary
| A | B |
|---|---|
| salary | a fixed amount of money paid to an employee for each pay period, regardless of the number of hours worked |
| hourly wage | a specific amount of money paid per hour to an employee |
| overtime rate | the amount paid above the normal rate (usually 1.5 x normal rate) |
What do we call it when a worker receives a specified amount of money for each item of work completed?
Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary.
Which method of paying employees involves a fixed amount paid for each period?
Salaried employees earn a fixed amount per pay period. Wage-earners, or hourly employees, earn an hourly rate. An employee’s paystub may show their gross pay, time worked, overtime pay, benefits contributions and reimbursements, additional income, and net pay.
What is a fixed hourly rate earned by employees?
Unlike a salary where you make the same amount regardless of how much time you work, hourly workers are paid for exactly the amount of time they spend working. A fixed hourly rate of pay means you have a set amount you’re paid for each hour of work you perform.
Is an amount of money an employee receives for every hour of work?
Your hourly rate is the amount of money that you receive for each hour you spend working. As an hourly employee, you should get paid for all of the hours that you work.
What determines the amount of money an employee will be paid per period?
To determine gross pay, multiply the number of hours worked by the pay rate. Multiply the number of hours worked by the hourly wage. If there is overtime, multiply the number of overtime hours worked by the overtime pay rate. Add regular pay and overtime pay together to find the gross pay for that pay period.
What is a fixed amount of money?
Fixed Amount means an amount equal to the product of (a) the Notional Quantity per Determination Period multiplied by (b) the Fixed Price, or as otherwise provided in the Confirmation.
Is a fixed amount of money that an employee typically receives on a monthly or bimonthly basis?
PART 1. – A fixed amount of money that an employee receives – It is typically paid on a monthly or bimonthly basis (2 times in one month) – An employee who receive salary is called salaried employee.
What is fixed salary mean?
Fixed Pay is the fixed amount of money paid by an employer to its employees in exchange for services received in the form of a fixed salary. It is the same amount received every month by the employees. The salary structure of an employee has both fixed and variable elements.
What is a fixed hour?
The Hours Status reference guide defines Fixed Hours as ‘where an employee has a fixed number of hours per week or a regular work roster. ‘ Employees who are set up to use Fixed Hours will also have a ‘Part-time Percentage’, which defines how much of a standard working pattern they are contracted to work.
What is the amount of time for which an employee is paid?
Accounting Chap 12 Matching
| A | B |
|---|---|
| The amount of time for which an employee is paid is called the ____. | pay period |
| Most companies use a(n)____to keep track of an hourly wage employee’s hours. | time card |
| ____are the year-to-date gross earnings of an employee. | accumulated earnings |
Is a list of employees and the amount of money they are paid?
A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive.
How much do monthly rate employees get paid?
Total pay = P500.00 x 10 = P5, 000.00. Monthly-rate employees are paid a fixed amount per month. If the payroll frequency is semi-monthly, the employee will receive half his/her monthly-rate per pay period.
How is overtime calculated for a day rate employee?
It is well worth the effort for day-rate employees to make sure they are not being deprived of the overtime pay they are entitled to. To calculate overtime for a day rate employee, the first step is to multiply the amount the employee is paid for a day’s work (the “day rate”) by the number of days the employee worked in the week.
What does it mean to give an employee per diem?
Per diem is a daily allowance you give employees to cover travel-related business expenses. Per diem means “for each day.” You give employees a fixed amount of money to cover daily living expenses, including lodging, meals, and incidental expenses. Per diem can also be limited to covering just meals and incidental expenses.
Is the hourly rate the same as the daily rate?
Some companies do apply the Hourly Rate, but this follows the same principles applied to the Daily Rate. In essence, daily-rate and monthly rate employees are the same. Both types of employees are paid for the amount of time they put in at work.