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wage
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wage

Pay given to labour. The pay of manual workers is usually called wages, compared to salaries paid to nonmanual workers. The basic wage of a worker is the wage received for working a normal week. On top of the basic wage, the worker may receive overtime pay and other bonus payments. The basic wage plus these extra payments is called the worker's earnings. The wage rate is the wage over a period of time, such as an hour or week.

For example, a worker may be on £5 an hour for a basic working week of 40 hours. Thus, his or her weekly pay is £200. If he or she works four hours of overtime at time and a half, the total earnings in the wage packet for the week would be £230. The equilibrium wage for a group of workers in a free market is fixed by the forces of demand and supply.



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? Mentioned in ? References in periodicals archive
 
income taxation to 300/0 of the annual earned income exclusion amount (as indexed for inflation); for 2006, that amount is $82,400.
Sec. 911 housing guidance likely to reduce some employers' costs by Abdalian, Michael / The Tax Adviser
citizens or residents living abroad have been allowed to exclude certain foreign earned income and housing costs from taxable income, regardless of whether any foreign tax is paid on these amounts, under IRC section 911.
New rules for individuals working abroad: changes to income and ... by Laffie, Lesli S. / Journal of Accountancy
Under the old law, for 2004, the child credit was refundable to the extent of 10 percent of the taxpayer's taxable earned income (which is taken into account in determining taxable income) in excess of $10,750 (indexed for inflation).
2004 Working Families Tax Relief Act: selected highlights by Josephs, Stuart R. / California CPA
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