Explain the difference between hourly wage , salary , contract wage, and commission wage

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Explanation:

Explain the difference between hourly wage, salary , contract wage,and commission wage

The term “hourly wage” describes a rate an employer agrees to pay a worker per hour worked. The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a group of workers in a specific occupation.

A salary is the regular payment by an employer to an employee for employment that is expressed either monthly or annually. Salaries are usually determined by comparing what other people in similar positions are paid in the same region and industry. Most large employers have levels of pay rates and salary ranges which are linked to hierarchy and time served.

A wage is the employee remuneration based on the number of hours worked, multiplied by an hourly rate of pay. These hourly rates of pay are usually linked to minimum rates outlined within a Modern Award.  

A commission is a sum of money that is paid to an employee upon completion of a task, usually the task of selling a certain amount of goods or services. It can be paid as a percentage of the sale or as a flat dollar amount based on sales volume.

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