whats the difference between wage and salary?

Answer 1

Wages are paid in respect of manual labour work, such as waiters. Often used as a yardstick of minimum living wage.
History of Wage: French "wagier or gagier" meaning to pledge or promise, also derived from the money placed in a bet (wager). Latin wadium, also meaning "a pledge".

Salary are paid to professionals.
History of Salary: Anglo-French word "salarie" (in 1280); French "salarie"; Latin "salarium" to "salary, stipend," originally a soldier's allowance to buy salt. Latin "salarius" for salt, hailing from "sal" salt.

Answer 2

Generally a "wage" is when you get paid by the hour as in minimum wage. Salary is usually when you get paid a set amount per month no matter how many hours you work that month. You could work 160 hours a month or 40 hours a month and still receive the same amount of money. The downfall about salary is that if you work more than 40 hours a week you will not get paid overtime.

Answer 3

Salary is how much you make per year. It's usually used for white-collar type jobs.

Wage is how much you make based on an hourly or daily rate. You can divide your salary by the number of hours you work to determine your actual hourly wage.

Salaried people are usually exempt from overtime and minimum wage laws, so if you're salaried and have to work so many hours that your actual pay drops below minimum wage, tough luck for you.

Answer 4

In the United States, the distinction between periodic salaries (which could be paid regardless of hours worked) and hourly wages (meeting a minimum wage test and providing for overtime) was first codified by the Fair Labor Standards Act of 1938. At that time, five categories were identified as being "exempt" from minimum wage and overtime protections, and therefore salariable. In 1991, some computer workers were added as a sixth category. The tests for all six categories were revised effective August 23, 2004.

The six categories of salaried workers exempt from overtime provisions are: (1) Executive Employees, who hire, fire and direct others; (2) Administrative Employees, exercising discretion as part of office work; (3) Learned Professional Employees, such as doctors, lawyers, professors; (4) Creative Professional Employees in an artistic field; (5) Computer Employees, who must meet certain threshold tests; and (6) Outside Sales Employees, who must work away from an employer's place of business. Some of the 2004 exemption tests depend on being paid a weekly salary of greater than $455, even though no hourly minimum wage is required or maximum number of hours worked is established.

The sum of all money paid to an employee that will be considered taxable wages is considered to be the employee's Gross Pay. Most employees in the United States are paid in one of two methods: either a fixed amount (salary) or as a rate (usually an hour) multiplied by a pay rate. Other units or measures for such a calculation include pieces (e.g. sold or assembled).

An example Gross Pay might also include a bonus that an employee receives for good performance on his or her job, commission earnings that the employee might be awarded as part of a sales effort, or even the value of some benefit that has been already awarded to the employee but needs to be taxed as a part of payroll.

Answer 5

Wages are usually calculated hourly. A salary is a set amount. Both of their advantages and disadvantages.

If you earn a wage, you can control what you make by working more or less, including overtime.

If you are paid a salary, you get paid that amount no matter what you work. It's great for occasional days off, but stinks when you are working alot of overtime and do not get paid for it. It's also good for budgeting.

I hope this helps!

Answer 6

WAGE or WAGES is the term used in referring to the payment of manual or mechanical workers, servants, shop assistants, clerks etc. Wages are usually calculated on hourly basis and paid weekly (or even daily). WAGES are paid for the work done (either by the actual amount, ie, piece-work, or according to the time spent).

A SALARY is usually paid monthly to professional people, technicians, bank clerks, managers of companies etc.

PAY is the money received for a person's services and is a synonym for WAGE(S) and SALARY.

Answer 7

Wage is generally per hour. Salary is for standard employment.

Examples
Wage - $7 an hour
work 20 hours and get $140 (before tax)
work 40 hours and get $280
work 60 hours and get $420 (there may be overtime)

Salary - $400 a week
work 20 hours and get $400
work 40 hours and get $400
work 60 hours and get $400

Answer 8

Wage is pay based on hours worked or pieces comlpleted

Salary is a fixed amount and doesn't fluctuate because of more time worked.

So if you are salaried and work 40 hrs you get the same paycheck as if you worked 30 or 50 hours.

Answer 9

Traditionally in the US, wages are monies paid for doing a specific task, and are paid hourly or daily. Salary is monies paid for service in a specific capacity which is generally multi-faceted. Wages are only paid for completion of the job, the day, or the hour. Salary is paid without regard to specific job performance as long as the person holds the position.

Answer 10

In South Africa we do not make a difference anymore. Wages used to be lower than salaries, and generally paid weekly or bi-weekly. White collared workers received salaries.

Answer 11

A wage is normally an hourly rate. You earn a specified amount for each hour worked and overtime if you work over a standard for the job, usually 8 hours.

A salary is usually stated as an annual pay and you are expected to do a specific job. You usually are given compensating hours for extra hours worked but it is not required. This is usually a management or highly technical job that does not fall under maximum hour or overtime rules.