Retroactive pay is payment for work already completed, often given as a lump sum or small payments. It can be due to labor negotiations, employer rewards, or employee mistakes. Payroll taxes are also retroactive and may result in owing taxes at the end of the year. Retroactive pay is pay due to an employee for […]
Positive Pay is a cash management service used by banks to prevent fraudulent check transactions. The issuing company sends electronic files of the checks to the bank, which are compared to the checks brought to the bank. Businesses typically have to pay banks for this service. Reverse positive pay is a cash management service whereby […]
Determining reasonable compensation for employee-shareholders in S or C corporations is important to avoid IRS audits. Companies should establish policies and consider factors such as education and experience levels, hours worked, and industry standards to set salaries. Unreasonable compensation, such as zero pay or excessively high wages, can trigger IRS problems. Many people who work […]
Seniority is the main factor affecting a commercial pilot’s salary, with experienced pilots earning more. Other factors include whether they are a captain or first officer, industry, routes flown, and number of hours worked. A Commercial Pilot License (CPL) or Air Transport Pilot License (ATP) is required. Different industries and companies have varying pay scales. […]
Base pay is the amount an employee earns for performing tasks, excluding bonuses and raises. It varies by job, employer, industry, and market. Bonuses, promotions, and demotions can affect base pay, and relocation may change it. Hourly employees must be paid at least the federal minimum wage. Base pay, or base pay, is the amount […]
The phrase “mind your Ps and Qs” has multiple possible origins, including referring to premium quality, learning lowercase letters, and avoiding overcharging at a bar. Some suggest it could mean “please and thank you”. The phrase is used less frequently now, but parents can still teach their children its meaning. Remember that P and Q […]
Pay equity is compensation based on merit and job classification, regardless of gender. It gained importance during the 20th century, but discussions continue as women still receive less pay than men in some industries. Employers create objective qualifications for job positions and base salary and promotions on merit, not gender. National labor laws and regulations […]
Fixed remuneration is a set annual compensation regardless of hours worked or performance. Hourly workers are paid based on hours worked, while salaried workers receive a fixed annual salary. Remuneration packages can include stock options, benefits, and incentives. Fixed remuneration is the total annual compensation that a worker receives regardless of the number of hours […]
A pay tribunal oversees government leaders’ salaries and compensation, with each country or municipality setting its own laws. They set pay rates, benefits, and mediate disputes, with members appointed based on private industry experience and independence from the government. This prevents corruption and ensures taxpayer dollars are used efficiently. A pay tribunal is a group […]
Buy-here-pay-here car dealers offer financing for buyers who can’t obtain bank financing, but require higher down payments, inflated interest rates, and often sell vehicles at a higher price. Buyers must maintain full coverage insurance and pay for repairs themselves. In the event of a totaled vehicle, the dealer may receive the insurance check and expect […]
Agency remuneration is the process of determining fees for agency services, including public relations, marketing, and advertising. Methods for determining payments include commissions, hourly rates, retainer fees, ladder fees, and pay per result, with the client expecting benefits such as increased sales. Commission is advantageous as it simplifies the process, while hourly rates allow for […]
Paying it forward is doing something good for someone else in response to a good deed done on your behalf. It should be done selflessly, without expecting anything in return. The concept was popularized by the 2000 film Pay It Forward. It can be as simple as holding a door or buying coffee for someone. […]
Parents can choose to require children to do household chores, offer an allowance independent of chores, or pay children for completing chores. Paying for chores can incentivize children, but some argue that it is unequal and may lead to dependence on rewards. It depends on the child and situation. There is much controversy over whether […]
Combat pay, also known as imminent danger pay, is additional pay offered to military members serving in a combat zone. It may be tax-free in some countries and varies depending on rank and military. Soldiers may also receive hardship pay and other benefits. Financial advisors can provide more information. Combat pay is additional pay offered […]
Lip service is when a person publicly supports an issue but privately does not follow through. This is often seen in politics and business, where promises are made to gain favor but not kept. It can lead to disappointment and distrust among employees and citizens. Particularly in the political and business arena, there are times […]
An advance payment bond is an agreement between a business and a service provider that guarantees the return of any advance payment if the provider fails to meet their obligations. This protects the customer’s investment in case of unforeseen circumstances. It is commonly used in construction projects and the amount decreases as the project progresses. […]
Equitable pay aims to provide equal pay for equal work regardless of class, creed, race, or gender. Governments create laws to ensure equal pay, but it may not be an easy measure. Equitable remuneration ensures good faith practice and is commensurate with an individual’s performance. Free market economic theory suggests minimum wage laws are unnecessary. […]
Unpaid leave is when an employee takes time off work without pay, often used as an alternative to layoffs or reducing hours. It can be temporary or periodic, and is sometimes granted at the discretion of the company or government organization. It can be used to manage budget shortfalls, but may result in decreased productivity. […]
Urban planners design and implement infrastructure for communities, including roads, transportation, and public spaces. Most have a master’s degree, and certification from the American Institute of Certified Planners can increase their salary. Local government entities employ most urban planners, with larger populations correlating to higher salaries. Private companies offer higher salaries but fewer positions. Urban […]
Pay to play is a provision in stock financing agreements that requires investors to participate in subsequent share offerings to maintain their interest in the company and protect against dilution. Failure to participate may result in loss of benefits and conversion of preferred stock to common stock. Pay to play is a term used in […]
