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Wages is best associated with employee compensation based on the number of hours worked multiplied by an hourly rate of pay. For example, an employee working in an assembly plant might work40 hours during the work week. If the person's hourly rate of pay is $15, the employee will receive a paycheck showing gross wages of $600 (40 x $15). If the employee had worked only30 hours during that week, her or his paycheck will show gross wages of $450 (30 x $15). Because the paycheck needs to be computed based on the actual hours worked, the employee earning wages will likely receive her or his paycheck five days after the work period.Salary is best associated with employee compensation quoted on an annual basis. For example, the manager of the assembly plan might earn a salary of $120,000 per year. If the salaried manager is paid semi-monthly (perhaps on the15th and last day of each month), her or his paycheck will show gross salary of $5,000 for the half-month. Since the salary is the same amount for each pay period, the salaried employee's paycheck will likely cover the work period through the date of the paycheck.
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