Personal Finance

Tips

Tip percent x total bill = tip amount

Salary

employees are paid a salary earn a fixed amount of money for each time period worked. Day, week, month, or year.

Hourly

hourly wage employees are compensated for each hour that they work.

Commission

income earned by an individual based on their sales.

Straight time

normal hourly wage if you only work up to 40 hours in a week.

Double-time

normal hourly wage times 2 for every hour that you work under special circumstances.

Per Diem

per diem employees are paid a fixed daily amount by their employer. Many employees paid per diem are temporary employees. Per diem means "by the day".

Tips

some employees receive a low base that they are able to supplement with tips earned while they are at work. A tip is an amount of money given to someone for services they provide. These tips are given on a voluntary basis most the time.

Commission

some people in sales earn a commission rather than a fixed salary or hourly rate. This means they earn a certain amount for each item sold or percentage of the dollar amount sold.

Minimum wage

the lowest amount of money you are allowed to be paid for one hour of work, as defined by law.

Piece-Rate Employees

this is where you are paid based off the number of items you produced.

Overtime

your normal hourly wage times 1.5 for every hour that you work over 40 hours in a week. It could also be for any hours worked in a single day over 8 hours.

Per diem

Per diem rate x number of days = gross pay

Piece rate

Number of pieces produced x piece rate = gross pay.