Employment and Wages
Employment, wages and salaries play an important role in everyones life. The amount of money one earns controls their purchasing power and dictates the lifestyle they can afford. Job security, steady income and increased purchasing power are things that everyone is striving for when they settle into a new job.
There are a myriad of ways one can earn an income. Depending on the type of job one has, wages may be paid hourly, daily, weekly, biweekly, monthly, or yearly. Hourly wages are the most common and are paid to employees in thirty minute, forty five minute, or sixty minute intervals. These rates can range from minimum wage, to higher than minimum wage, depending on the particular job and the employers standards. Overtime wages are increased rates for employees who work outside of their normal hours, and are usually calculated at 1 ½ times the normal rate.
Salaried employees receive a set amount each month for their services. Usually, this type of job does not require working a set number of hours, but instead the job must be completed in its entirety. This type of employment is also most common in higher-salaried jobs, such as executive or managerial positions.
Commission-based income is when one earns a certain amount, usually a percentage of the price of the item they are selling. This type of job is most commonly found in sales based positions.
Another way to earn money is through tips. These are usually given to workers in the service industry, such as servers, bartenders and cab drivers. The amount on the tip is usually determined by the customer, and is generally a function of the quality of service they received. Tips can range from zero, to a remarkable amount for higher quality service.
No matter what type of job or form of pay one may receive, it is important to know the tax implications of each. Depending on the particular situation, taxes may be withheld from hourly wages, salary payments, or other forms of compensation. It is important to know the rules and regulations of any job one is considering, and to take into account any taxes that may be due as a result of that income.
In conclusion, there are a variety of ways to earn a living and to take home wages. Hours and salaries vary, and it is important to understand the tax implications of any job one may be considering. Knowing what form of income and earnings to expect is an important first step in planning the kind of lifestyle one wants to enjoy.
