Identify and Describe the Major Types of Compensation

question 48

Essay

Identify and describe the major types of compensation.

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Definitions:

Co-own

To have joint ownership or share the possession of a property or item with one or more parties.

Voluntary Association

An organization created by individuals who voluntarily unite to pursue a common interest or goal without necessarily seeking profit.

Business Profit

The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs associated with sustaining the business operations.

S Corporations

Corporations that elect a special tax status to pass income, losses, deductions, and credit through to their shareholders for federal tax purposes.