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It is the extra pay given for working beyond 8 hours at the rate of an additional 25% of his regular wage.
Overtime Pay
________________ = Annual Salary ÷ 12 months
Monthly Salary
______________ = Daily Wage x 6 days
Weekly Salary
It means the renumeration or earnings, however designated, capable of being expressed in terms of money, whether fixed or ascertained on a time, task, piece, or commission basis.
Wage
It refers to a fixed regular wage, typically paid monthly, semi-monthly, or weekly especially for professional, managerial, or administrative positions.
Salary
It is the amount earned for each hour worked.
Hourly Wage
It is the total amount of money a person earns in one year, usually from a fixed monthly salary.
Annual Salary
It is earned as a percentage of sales made
Commission/ Commission Income
______________ = Annual Salary ÷ 52 weeks
Weekly Salary
It is the amount of money a worker earns for each day of actual work.
Daily wage
It is the fixed amount an employee earns every month.
Monthly Salary
Maria works 8 hours a day and is paid ₱75 per hour. Her earnings are an example of:
Wage
Total earnings before deductions
Gross Income
Income remaining after deductions
Net Income
Net Income = Gross Income − _______
Deductions
