Upper-level staff can also routinely receive fringe benefits, which are another key aspect of remuneration. These include such benefits as various types of health and life insurance , retirement payments, and care for children, as well as assistance in furthering education through tuition reimbursement.
While many remuneration benefits as of are offered to rank and file employees within some corporations, such as health insurance coverage, executive level employees often receive privileged and higher levels of related compensation. These increased forms of payment are often written into contracts and paid to executive staff even if their performance level is poor and they end up being terminated. The difference between Remuneration and Salary When used as nouns , remuneration means something given in exchange for goods or services rendered, whereas salary means a fixed amount of money paid to a worker, usually calculated on a monthly or annual basis, not hourly, as wages.
Remuneration as a noun : Something given in exchange for goods or services rendered. Salary as a noun : A fixed amount of money paid to a worker, usually calculated on a monthly or annual basis, not hourly, as wages. If you get to keep your frequent flyer and hotel points when traveling on behalf of the company, the IRS doesn't consider that income unless you turn the points in for cash.
Many sales people work on straight commission, which means they only earn money when they make a sale, rather than receiving a weekly salary. Additionally, top sales people receive perks that may include free trips, expense accounts and hefty performance bonuses. Upper management in many corporations have stock options, bonuses and severance pay as part of their remuneration package.
The value of these options may equal or exceed your yearly salary, helping to increase your personal wealth. The Internal Revenue Service IRS requires that you pay income tax on many types of remuneration, for example, if you drive a company-leased car, or if your employer pays your share of the Social Security tax. Your employer places a monetary value on these types of non-cash incentives and includes the amount when reporting your income to the IRS. Some forms of remuneration, such as most company-paid health insurance plans, are not taxed.
Diane Perez is a writer who contributes to various websites, specializing in gardening and business topics, and creates sales copy for private clients. Perez holds a Bachelor of Science in education from the University of Miami.
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