Posts Tagged ‘salary’

A Minimum Wage is…

Tuesday, May 24th, 2011

A minimum wage is the absolute minimum amount of money that someone can be paid for a specified job. It was created to ensure that no one is unfairly compensated for their work. As of July 2009, the federal minimum wage is $7.25 per hour.

In the U.S., the minimum wage is regulated by the federal agency called the Department of Labor, but states have the flexibility to set their own higher (or in special cases, lower) minimum wage. There are also exceptions to who must receive the minimum wage. Waiters and other workers who regularly receive tips have a much lower minimum wage ($2.13/ hour). And sometimes employers can pay workers who are under 20 only $4.25 per hour for their first 90 days on the job.

India May Eliminate Tax Returns For Salaried Citizens

Thursday, January 27th, 2011


credit: vlima.com

Someone must have heard about the 6.1 billion hours Americans are spending slaving over their tax returns every year, because India is considering whether or not to simplify its tax system and allow roughly 17.5 million taxpayers to skip the tax return filing from now on.

Of course, this break wouldn’t apply to everyone. To qualify, taxpayers would have to be salaried (which means you are paid annually, not hourly, so that your employer and bank can accurately report your earnings to the government), and you must have no additional source of income.

In the U.S., people spend a lot of time trying to reduce their taxes by claiming deductions for things like charitable donations and education expenses. If India eliminates this process for half of its taxpayers, does that mean they don’t offer the same kind of tax breaks?

Recession Benefits The Employed?

Tuesday, August 17th, 2010

Although the recession has produced a large number of the long-term unemployed, there are, ironically, some benefits for those who have been able to keep their jobs.

  • Though wages usually fall during economic downturns, this recession has seen a growth in salaries.
  • Some regions have been hit harder than others but areas in the central US are relatively unscathed.
  • Although blue collar jobs suffered most at the beginning of the recession, we’re currently seeing a downturn in white collar jobs instead.

Facts & Figures

  • Nearly 45% of unemployed workers today have been unemployed for 27 weeks or more.
  • Since the recession began, real average hourly wages have risen almost 5%.
  • The unemployment rate for college graduates is still only 4.5%, and the disparity between their pay and that of non-graduates has never been greater.

A Salary is…

Monday, July 27th, 2009

A salary is the compensation (e.g. salary and benefits) you earn for working at a job. Salaries are usually paid on a weekly or bi-monthly basis, and are generally referred to as an annual amount.