Explain Residual Income

question 42

Essay

Explain residual income.What does residual income represent? What does residual income measure?

---

Definitions:

Federal Wage and Hour Law

U.S. legislation that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.

Double Pay

Double pay refers to the practice of paying an employee twice their normal wage rate, typically for working on holidays, overtime, or under special conditions.

Net Pay

The amount of money that an employee actually receives after all deductions, such as taxes and retirement contributions, have been subtracted from their gross pay.

Gross Pay

The total amount of salary or wages earned by an employee before any deductions are made for taxes and other withholdings.