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This term may also denote a structured method in which employees receive financial compensation and additional benefits in return for their labor and contributions. [1] Compensation can be any form of monetary such as salary, hourly wages, overtime pay, sign-on bonus, merit bonus, retention bonus, commissions, incentive pay or performance-based ...
Alternatively, all or a part may be paid in various other ways, such as payment in kind in the form of goods or services provided to the employee, [1] such as food and board. For tax purposes, wages and salaries normally do not include other non-cash benefits received by an employee, such as flights, payment of school fees etc.
Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to an employee by an employer in addition to their normal wage or salary. [1] Instances where an employee exchanges (cash) wages for some other form of benefit is ...
The term "fringe benefits" was coined by the War Labor Board during World War II to describe the various indirect benefits which industry had devised to attract and retain labor when direct wage increases were prohibited. Employee benefits in the United States might include relocation assistance; medical, prescription, vision and dental plans ...
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An ...
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The tipped wage is base wage paid to an employee in the United States who receives a substantial portion of their compensation from tips.According to a common labor law provision referred to as a "tip credit", the employee must earn at least the state's minimum wage when tips and wages are combined or the employer is required to increase the wage to fulfill that threshold.