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LSDefine
Simple English definitions for legal terms
current wages
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A quick definition of current wages:
Current wages refer to the payment an employee receives for the work they have done during the current period. This payment can be based on the time worked or the quantity of work produced. It includes all forms of compensation, such as salaries, commissions, vacation pay, bonuses, and other benefits provided by the employer. Employers are required to withhold income taxes from wages. Minimum wage is the lowest hourly rate of compensation for labor, as established by federal statute and required of employers engaged in interstate commerce.
A more thorough explanation:
Definition: Current wages refer to the payment an employee receives for their labor or services during the current period. This compensation is usually based on the time worked or the quantity produced.
Wages can include various forms of remuneration, such as salaries, commissions, vacation pay, bonuses, and the reasonable value of board, lodging, payments in kind, tips, and any similar advantage received from the employer. An employer is usually required to withhold income taxes from wages.
Examples:
- John works at a retail store and earns $15 per hour. His current wages for the week are $600, which is calculated by multiplying his hourly rate by the number of hours he worked.
- Samantha is a sales representative and earns a base salary of $50,000 per year, plus commission. Her current wages for the month are $5,000, which includes her base salary and commission earned during that period.
These examples illustrate how current wages are calculated based on the agreed-upon rate of pay and the amount of time worked or the quantity produced. It is important to note that current wages are not past due and are paid during the current pay period.