What Do You Already Know About Payroll?

1. What is a wage?

The lowest possible amount of money an employer can pay me

Money paid in return for work at an hourly rate

The employer pays me for the hours they think I have worked

The correct answer is "Money paid in return for work at an hourly rate." A wage refers to the amount of money that an employer pays an employee in exchange for their work, typically calculated based on an hourly rate. It is not necessarily the lowest possible amount an employer can pay, as this can vary depending on factors such as minimum wage laws and employment agreements. Additionally, the employer pays the employee based on the actual hours worked, rather than their estimation.

Explanation

The correct answer is "Money paid in return for work at an hourly rate." A wage refers to the amount of money that an employer pays an employee in exchange for their work, typically calculated based on an hourly rate. It is not necessarily the lowest possible amount an employer can pay, as this can vary depending on factors such as minimum wage laws and employment agreements. Additionally, the employer pays the employee based on the actual hours worked, rather than their estimation.

2. What is a salary?

Lots of money paid to managers and the high ups in the company

Money paid in return for working regular hours

The same amount of money paid regularly in return for work provided on a regular basis - a yearly amount paid usually fortnightly or monthly

A salary refers to the same amount of money that is paid regularly to an employee in exchange for their work provided on a regular basis. This payment is usually made on a fortnightly or monthly basis and is typically calculated on an annual basis. The answer accurately describes the concept of a salary and distinguishes it from other forms of compensation such as bonuses or incentives.

Explanation

A salary refers to the same amount of money that is paid regularly to an employee in exchange for their work provided on a regular basis. This payment is usually made on a fortnightly or monthly basis and is typically calculated on an annual basis. The answer accurately describes the concept of a salary and distinguishes it from other forms of compensation such as bonuses or incentives.

3. What is the Superannuation?

Money I should put aside for my old age - it is my responsibility

An involuntary payment made on my behalf by my employer to a registered superannuation fund

The employer can decide whether to pay my superannuation each pay - it is up to them

The correct answer is "An involuntary payment made on my behalf by my employer to a registered superannuation fund." This means that the employer is required to contribute a certain amount of money to a registered superannuation fund on behalf of the employee. It is not the employee's responsibility to contribute to the fund, but rather the employer's obligation.

Explanation

The correct answer is "An involuntary payment made on my behalf by my employer to a registered superannuation fund." This means that the employer is required to contribute a certain amount of money to a registered superannuation fund on behalf of the employee. It is not the employee's responsibility to contribute to the fund, but rather the employer's obligation.