What is income?
Income is money that is earned from work, investments, business, etc. (https://www.merriam-webster.com/dictionary/income)
In other words, it's how much money you make from working. (whether it's salary or hourly.)
In other words, it's how much money you make from working. (whether it's salary or hourly.)
SALARY VS HOURLY
SALARY
Salary is a fixed regular payment. (every year, month, biweekly, etc.)
(https://www.google.com/search?q=salary&rlz=1C1GIWA_enUS645US645&oq=slary&aqs=chrome.1.69i57j0l5.2439j0j7&sourceid=chrome&ie=UTF-8#q=salary+definition)
Salary is a fixed regular payment. (every year, month, biweekly, etc.)
(https://www.google.com/search?q=salary&rlz=1C1GIWA_enUS645US645&oq=slary&aqs=chrome.1.69i57j0l5.2439j0j7&sourceid=chrome&ie=UTF-8#q=salary+definition)
HOURLY (hourly wage)
Hourly (wage) is a rate an employer agrees to pay a worker per hour worked. (for example; $10 per hour or $15 per hour) (http://work.chron.com/average-hourly-wage-earned-mean-14535.html)
Hourly (wage) is a rate an employer agrees to pay a worker per hour worked. (for example; $10 per hour or $15 per hour) (http://work.chron.com/average-hourly-wage-earned-mean-14535.html)
DOES IT MATTER?
When you're looking for a job, does it really matter if you get payed hourly or have a salary? Honestly, it's all preference. If you have a salary, you get payed the same amount every time but, working extra or more hours will not make you earn more money. If you get payed hourly, the more hours you work, the more money you make; the less hours you work, the less money you make. Although, when getting payed hourly, you may get overtime pay. (If you work more than 40 hours a week.)
EMPLOYEE BENEFITS
Take advantage of jobs that have benefits. If you had to choose between a job that pays $60,000 (per year) and has many benefits (such as vacation days, insurance (dental, health, vision), a company car, cell phone, laptops, (entertainment) tickets, sick days, personal days, bereavement, discounts, and retirement) or and job that pays $80,000 with zero benefits; you'd probably choose the one with benefits. When choosing a job, think about benefits, rather then just the pay.
(background (image found in magazine); https://applemagazine.com/apple-to-introduce-apple-pencil-for-iphones-and-macs/32808)
BONUSES
If you happen to do well when working, there's a possibility of you getting a bonus. You may get a holiday bonus, end of the year bonus, etc. When companies or employees do well, and benefit the company, the company will most likely give out bonuses during special occasions.
OVERTIME PAY?
WHAT EXACTLY IS OVERTIME PAY?
If you get payed hourly, and you work for more than 40 hours, you'd get overtime pay. Overtime pay is when you get payed time and a half for working more than 40 hours. (the average number of hours someone would work in a week) That means, if you worked 50 hours in one week, you would make $800 for 40 of those hours. (being payed $20 per hour)
For those extra 10 hours that you worked, you would make time and a half. (money made per hour + half of money made per hour) So, you'd make $300. (for those 10 hours)
For those extra 10 hours that you worked, you would make time and a half. (money made per hour + half of money made per hour) So, you'd make $300. (for those 10 hours)
GROSS PAY?
GROSS PAY is the amount of money you make total from working. (without deductions) For example, if you worked 50 hours in one week (being payed $20 per hour), you would have a gross pay of $1,100. (You work for 40 hours, you'll make $800; You work for 10 hours, you'll make $300)
Yet, don't forget about deductions (as well as taxes). If your taxes cost around $250, you're NET PAY would be $850. Net pay is the money you actually you keep (the money that you can use to spend—use).
COMMISSION.
COMMISSION is a sum or percentage of what has been paid that is allowed to agents, sales representatives, etc., for their services. (For instance, a 15% commission on $600,000 in sales.)
(http://www.dictionary.com/browse/commission)
(http://www.dictionary.com/browse/commission)
THE DIFFERENCE BETWEEN SALARY + COMMISSION AND COMMISSION PAY
SALARY + COMMISSION PAY
When you get payed a salary and a commission (on sales, usually) [i.e.] a $24,000 salary and 4% on sales of $16,000. |
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COMMISSION
PAY When you only get payed a commission (the amount of money you made in sales—while selling) [i.e.] 8% [commission] on sales of $2,500 |
TIPS?
Many people only get payed by tips. What is a tip? A TIP is a sum of money given to someone as a reward for their services. (https://www.google.com/search?q=tip+define&rlz=1C1GIWA_enUS645US645&oq=tip+define&aqs=chrome..69i57j0l5.1463j0j7&sourceid=chrome&ie=UTF-8#q=define+tip)
Tips are percentages. The average tip is around 15-20% of the bill.
Tips are percentages. The average tip is around 15-20% of the bill.
[I.E.] 15% tip on a $43.22 bill.
TIP: $6.48 (around $6 or $7)
TIP: $6.48 (around $6 or $7)
MINIMUM WAGE.
(image: http://www.purewow.com/money)
What is minimum wage?
MINIMUM WAGE is the lowest wage permitted by law or by a special agreement.
(https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#safe=strict&q=define+minimum+wage)
In the United States, the legal minimum wage is $7.25. If we were to raise the minimum wage, prices would go up. Yet, raising or lowering the minimum wage wouldn't really benefit anyone, nor would make a large impact.
The problem is, we have too many overqualified people working minimum wage jobs. Although, it's perfectly fine to make minimum wage if you don't have to pay for bills or someone pays your expenses. (i.e. you could be a teenager)
MINIMUM WAGE is the lowest wage permitted by law or by a special agreement.
(https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#safe=strict&q=define+minimum+wage)
In the United States, the legal minimum wage is $7.25. If we were to raise the minimum wage, prices would go up. Yet, raising or lowering the minimum wage wouldn't really benefit anyone, nor would make a large impact.
The problem is, we have too many overqualified people working minimum wage jobs. Although, it's perfectly fine to make minimum wage if you don't have to pay for bills or someone pays your expenses. (i.e. you could be a teenager)
If someone were to work 40 hours per week and got paid $7.25 per hour, that person would only make $15,080.00 yearly. [without deductions] (trying to survive off of $15,000 per year would be difficult)