snow
10:04
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
salary
Read a random definition: action on expenditure
A quick definition of salary:
A salary is the amount of money that someone is paid for their work. It is usually paid on a yearly basis and is agreed upon before the work begins. People who have salaried jobs are usually professionals or semi-professionals. They are paid a fixed amount of money, regardless of how many hours they work. This is different from wages, which are paid based on the number of hours worked. Salaried jobs are often exempt from overtime pay, but they are still regulated by the state. Accrued salary is money that has been earned but not yet paid.
A more thorough explanation:
Definition: Salary is an agreed amount of money paid to an employee for their professional or semi-professional services. It is usually paid at regular intervals on a yearly basis, as opposed to an hourly basis. Salaried positions are usually exempt from the requirements of the Fair Labor Standards Act, but are subject to state regulation. Accrued salary refers to a salary that has been earned but not yet paid.
- A software engineer earns a salary of $80,000 per year.
- A marketing manager is paid a salary of $100,000 annually.
- A teacher's salary is $50,000 per year.
These examples illustrate the definition of salary as an agreed compensation for professional or semi-professional services paid on a yearly basis. The employees mentioned in the examples receive a fixed amount of money for their work, regardless of the number of hours they work each week. This is different from hourly wages, where employees are paid a set amount for each hour worked.