what is the difference between pay scale and basic pay?
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Originally Answered: What is the different between payscale salary and Basic salary ? Pay scale salary or CTC as it known; is the total cost for a particular roll to the company. While basic is just the minimum necessary to be paid statutorily as per local law of the land.
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As adjectives the difference between basic and standard is that basic is necessary, essential for life or some process while standard is falling within an accepted range of size, amount, power, quality, etc.
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The difference between merit pay and a bonus is that merit pay is usually added to or incorporated into the employee's base salary while a bonus is a one-off payment.
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Whether your employer pays you in the form of wages or salary, your base pay is different from your annual pay. Base pay refers to the basic amount that you receive excluding all other types of compensation. Your annual pay, however, refers to your full compensation for the entire year.
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Most employees get holiday pay at their basic daily or hourly rate. However, where variable hours employees are paid different rates for different hours worked or for different types of work, you will need to pay holiday pay equivalent to the employee's average pay in the previous 12 weeks.
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For each hour of holiday work, employees receive holiday premium pay. Holiday premium pay is equal to an employee's rate of basic pay. Employees who are required to work on a holiday receive their rate of basic pay, plus holiday premium pay, for each hour of holiday work. (See 5 U.S.C.
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For example, when you tell an employee, “I'll pay you $50,000 a year,” it means you will pay them $50,000 in gross wages. Net pay is the amount of money your employees take home after all deductions have been taken out. This is the money they actually get on payday.
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NMW pay is calculated on gross pay (before tax and National Insurance have been taken off). Your gross pay includes your basic pay for the work you have done and other types of pay which count towards the NMW.
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What is the Difference Between Salary and Wage? A wage is a rate of pay commonly affixed to a period of time such as per hour, or per day. A salary is a fixed regular payment agreed upon in an employment contract however is not affixed to the number of hours performed.
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A key distinction between the two forms of payment is that where an hourly wage is paid, an employee receives compensation only for those hours that are actually worked. A salary earner receives his salary regardless of hours worked.
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Income tax amounts are based on a number of factors, such as an employee's Form W-4 and filing status. The difference between payroll tax and income tax also comes down to what the taxes fund. Whereas income taxes go to a general government fund, payroll taxes specifically go to Social Security and Medicare funds.
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Gross pay is the amount of money your employees receive before any taxes and deductions are taken out. ... Net pay is the amount of money your employees take home after all deductions have been taken out. This is the money they actually get on payday.
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The base level of money an employee receives is their basic pay. This is the minimum amount an employee can expect to receive from their salary, after tax and before any bonuses. Basic salary is not the same as gross salary – gross salary is the total of all the money you are being paid for doing your job.
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Service members usually hold this rank through basic training, and automatically promote to the next rank after six months of service. Rounded to the nearest dollar, base pay (salary) starts at $1,554 per month at this rank. After four months of service, pay will increase to $1,681 per month.
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But the calculation may differ from this, depending on your pay period. For SMP purposes, pay means gross pay that is due before any deductions. ... Sick pay, overtime, bonus payments, arrears of pay and even, in most circumstances, holiday pay, must all be included if you actually get them at this time.
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While a nominal wage is the amount of money you earn per hour, it really doesn't tell you much about your purchasing power because nominal wages don't take into account changes in price levels. Your real wage is your nominal wage adjusted for inflation.
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This is sometimes called "basic pay." Everyone on active duty receives base pay. The amount depends on your rank, and how many years you've been in the military. For example, the lowest ranking enlisted member—someone in the paygrade of E-1—with less than two years of service, makes a base pay of $1,681 per month.