Income and Taxes

the income you receive from employment or from self-employment

• earned income

• wage

• unearned income

payment for work and is usually calculated on an hourly, daily, or piecework basis

• wage

• salary

• commission

the lowest hourly wage employers can pay most workers by law

• minimum wage

• tips

• commission

the amount paid for working time in a week that is beyond the standard 40-hour workweek; beyond worked must receive at least 1.5 times regular hourly rate

• minimum wage

• overtime wage

• commission

a wage based on a rate per unit of work completed i.e. garment workers must be paid by the number of garments completed

• piecework

• minimum wage

• wage

a fixed payment for work and is expressed as an annual figure

• salary

• piecework

• tips

income paid as a percentage of sales made by a salesperson

• gratuity

• commission

• salary

is money paid for a service beyond what is required

• tips

• commission

• overtime wage

money added to an employee’s base pay; usually awarded for a performance or a share of business profits

• bonus

• tips

• wages

is the total amount a worker is paid before any required or voluntary deductions are made

• income

• gross income

• net income