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A wage garnishment is a court-ordered method of collecting overdue debts that require employers to withhold money from employee wages and then send it directly to the creditor. [13] Wage garnishments are post-tax deductions, meaning that these mandatory withholdings do not lower an employee's taxable income. [14]
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions).
The minimum wage is determined through collective labor negotiations (CAOs). The minimum wage is age dependent; the legal minimum wage for a 16-year-old is lower than, for instance, a 23-year-old (full minimum wage). Adjustments to the minimum wage are made twice a year; on January 1 and on July 1.
If certain conditions are met, employer provided meals and lodging may be excluded from an employee's gross income. If meals are furnished (1) by the employer; (2) for the employer's convenience; and (3) provided on the business premises of the employer they may be excluded from the employee's gross income per section 119(a).
The income tax in the Czech Republic is progressive. The primary tax rate is 15% of gross income, but for an annual salary that is 48 times bigger than the average monthly salary (38.911 CZK in 2022, around 1.600 EUR), the rate is 23%. That applies only to the difference. The minimum wage to pay income tax is 27.840CZK in 2021 (approx. 1140EUR ...
{{ List of minimum wages by country/Hourly wage/USD| 60.57 | Mexico | daily | workweek = 48 }} displays 0.31, which is the gross earnings a Mexican worker earns per hour, reported in 2012 US dollars, if the worker earns a gross wage of 60.57 Mexican pesos per day.
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident.
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business.