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LSDefine
Simple English definitions for legal terms
wage
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A quick definition of wage:
Wage: Money paid to someone for the work they do. It can be based on how much time they work or how much they produce. This includes things like salaries, bonuses, and tips. Employers usually have to take out taxes from wages. There is also a minimum wage, which is the lowest amount of money someone can be paid for their work.
A more thorough explanation:
Definition: Payment for labor or services, usually based on time worked or quantity produced. This includes all forms of compensation for personal services, such as salaries, commissions, vacation pay, bonuses, and other benefits received from the employer.
Examples:
- John earns $15 per hour for working at the grocery store.
- Mary's wages are based on the number of products she produces in a day.
- Tom's employer provides him with free meals and lodging as part of his compensation package.
The examples illustrate how wages are paid to employees based on the time they work or the amount of work they produce. It also shows that wages can include other benefits besides money, such as free meals and lodging.
Employers are required to withhold income taxes from wages, and there is a minimum wage set by federal law that employers must pay their employees. Social security taxes are also paid on covered wages, which are wages that are subject to social security taxes.
Overall, wages are an important part of an employee's compensation and are essential for their livelihood.