Detailed Instructions: Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.
Problem:Salary is a paymen which is paid by employer to the employee for what he was employed for after every month. Wage is a payment which is paid by employer to the employee for what he was employed on regular or weekly or daily basis depending on the hours worked by the employee. Those hours are multiplied by the fix rate and paid to the employee. Topics: Economics and Personal Finances, Socioeconomic Class. 1 Richard Fry is a senior researcher focusing on economics and education at Pew Research Center. 2 Rakesh Kochhar is an associate director of research at Pew Research Center. There is no federal minimum wage for a Class B driver, other than minimum-wage standards that apply to all jobs. However, depending on geographic location and experience as a professional driver, Class B drivers can generally expect to earn more than minimum wage. Average Wages The median annual wage for heavy and tractor-trailer truck drivers was $38,200 in 2012, according to the U.S. Bureau of Labor Statistics. If, under the employment agreement, a salary sufficient to meet the minimum wage requirement in every workweek is paid as straight time for whatever number of hours are worked in a workweek, the regular rate is obtained by dividing the salary by the number of hours worked each week. In no case may the regular rate be less than the minimum wage required by the FLSA. If a salary is paid on other than a weekly basis, the weekly pay must be determined in order to compute the regular rate and overtime pay. If the salary is for a half month, it must be multiplied by 24 and the product divided by 52 weeks to get the weekly equivalent. A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed (a task wage or piece rate), or at an hourly or daily rate (wage labour), or based on an easily measured quantity of work done. Wages are part of the expenses that are involved in running a business. Most Emailed Comparisons. 1 Difference Between Vitamin D and Vitamin D3 - 118 emails. 2 Difference Between Goals and Objectives - 102 emails. 3 Difference Between LCD and LED Televisions - 89 emails. 4 Difference Between Islam and Muslim - 87 emails. 5 Difference Between Objective and Subjective - 66 emails. Key Differences Between Salary and Wages. Following are the major differences between salary and wages: Salary is the fixed amount of compensation which is paid for the performance of an employee. Wage is the variable amount of compensation which is paid on the basis of hours spent in finishing a certain amount of work. Because the paycheck needs to be computed based on the actual hours worked, the employee earning wages will likely receive her or his paycheck five days after the work period. Salary is best associated with employee compensation quoted on an annual basis. For example, the manager of the assembly plan might earn a salary of $120,000 per year. If the salaried manager is paid semi-monthly (perhaps on the 15th and last day of each month), her or his paycheck will show gross salary of $5,000 for the half-month. roll tax base is wages earned by individuals working in the United States. 1 The wage bases for those taxes are not the same. Some wage income that is subject to payroll taxes is exempt from income tax. Some wage income that is subject to income tax is exempt from payroll taxes. Moreover, Social Security and Medicare payroll taxes each cover different categories of work-ers. Hence, not only are tax bases different in an y given year, but they may also grow at differ- Query: how does a wage differ from a salary? in class terms?
Solution:
Salary is the fixed amount of compensation which is paid for the performance of an employee. Wage is the variable amount of compensation which is paid on the basis of hours spent in finishing a certain amount of work.