Pay 1
These are supplemental wages an employee earns from customers in addition to regular wages you pay them.
tips
is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses.
health insurance
multiply hourly rate by the number of hours worked per pay period. Varying hours mean varying paycheck each period.
hourly pay
plans that offer coverage for treatment and procedures related to your oral or visual health
dental/vision insurance
receive a fixed, regular payment per year.
salary
insurance that pays out a sum of money either on the death of the insured person or after a set period.
life insurance
If you must terminate an employee, you may consider offering this pay after leaving a business in lieu of their regular wages.
severance pay
a savings plan in which part of the money that you earn is invested in the plan for you to use when you retire.
retirement plan
time and a half, or 1.5 times, the employee’s regular wages. Provide this pay for each hour an employee works over 40 during the workweek.
overtime
are national, state, or religious days that employers can choose to give as paid days off to their employees.
paid holidays
is when an employee has earned paid time off from work but has not used it.
accrued time off
period of exemption from work granted to an employee outside of the regular weekend.
vacation time
money an employee earns in addition to their regular wages. You might give an employee this pay as a reward or gift.
bonus pay
refers to the time off that is exclusively granted to the mothers/fathers to enable them in spending time with their new-born child.
maternity/paternity leave
Bonus!!! Double or Nothing
Accrued time off is usually referred to as PTO
What do the letters PTO stand for?
Paid time off
leave of absence granted because of illness.
sick time
money an employee earns when they make a sale or accomplish another goal. Employees who work in sales positions, such as a car salesman might get this pay.
commission
stock options
compensation that is owed to an employee from a previous pay period. Reasons for this pay include: miscalculating regular wages, failing to pay overtime, forgetting to account for a raise, or neglecting a shift differential.
retroactive pay
allows an employee to work hours that differ from the normal company start and stop time
flexible work schedules