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Gross pay, also known as gross income, is the total payment that an employee earns before any deductions or taxes are taken out. [6] For employees that are hourly, gross pay is calculated when the rate of hourly pay is multiplied by the total number of regular hours worked.
[15] [page needed] The increased profits enable these companies to pay higher wages to their employees "at home" (that is, in the developed world), thus creating a working class satisfied with their standard of living and not inclined to proletarian revolution. It is a form of exporting poverty, creating an "exclave" of lower social class.
Employees within an organisation will compete against one another to win higher-level positions, which are usually associated with higher pay. The theory is based in economics, which assumes an individual is a rational economic actor who will aim to maximise their individual utility, with the prize as the main motivator for the performance.
The Social Security tax rate is 6.2% for both the employer and employee, and the Medicare tax rate is 1.45% for each as well, although high earners pay extra for Medicare. If you earn $50,000, you ...
In simple terms, net pay is the money you take home directly from your paycheck. For example, if someone gets paid $1,200 per week but $160 is taken away by deductions, that person's net pay is ...
So, for example, if a company declared a 25% profit sharing contribution, any employee making less than $230,000 could deposit the entire amount of their profit sharing check (up to $57,500, 25% of $230,000) in their ERISA-qualifying account. For the company CEO making $1,000,000/year, $57,500 would be less than 1/4 of his $250,000 profit ...
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