Earnings encompass the income generated from employment, investments, or asset ownership. It may also include funds designated for a specific purpose and not available for other expenses. In cases of injury or job loss, individuals may receive lost earnings as compensation, representing the income they would have earned had they been able to work.
Earnings are the income received from labor, services, capital investment, or assets. It can be obtained by individuals or companies. Gross earnings represent the total income earned before any deductions or taxes are subtracted. For example, if someone earns $50,000 per year, their gross earnings would be $50,000. Lost earnings refer to the income that could have been earned if a person had not lost their job, experienced a disabling injury, or passed away. In cases of personal injury, lost earnings may be awarded as damages. Appropriated retained earnings are retained earnings that a company’s board designates for a specific purpose and are therefore not available for other uses. For instance, a company may allocate retained earnings for research and development. These examples demonstrate the various ways in which earnings can be acquired through labor, investment, or assets. Gross earnings indicate the total income earned before any deductions or taxes are applied. Lost earnings represent the potential income that could have been earned if certain circumstances had not occurred. Appropriated retained earnings are retained earnings set aside for a specific purpose and cannot be used for other purposes.
Yes, employers are required by law to withhold taxes from employees’ earnings and remit them to the appropriate government agencies.
The minimum wage varies by state. You can find the current minimum wage for your state by checking with your state’s labor department or visiting their official website.
Generally, employers cannot reduce an employee’s earnings without providing prior notice or obtaining their consent, unless there is a valid reason such as a decrease in business revenue or a change in job responsibilities.
In most cases, employers are required to pay eligible employees overtime wages for any hours worked beyond 40 hours in a workweek. However, certain exemptions may apply based on job duties and salary level.
Employers may deduct money from an employee’s earnings for damaged company property if it was caused by the employee’s negligence or intentional misconduct, but the deduction should not exceed the actual cost of the damage.
Generally, employers are required to provide an employee’s final paycheck on their last day of work or within a specified time frame determined by state law. Withholding a final paycheck without a valid reason is generally illegal.
In certain circumstances, such as unpaid taxes or court-ordered child support, employers may be required to garnish an employee’s earnings to repay a debt. However, specific rules and limitations apply, and the employer must follow legal procedures.
In some cases, employers can pay tipped employees a lower cash wage as long as the employee’s total earnings, including tips, meet or exceed the minimum wage. However, there are specific rules and requirements that employers must follow.
Non-compete agreements are generally enforceable if they are reasonable in scope, duration, and geographic area. However, the specific laws regarding non-compete agreements vary by state, so it is advisable to consult with an attorney to understand your rights.
The payment of unused vacation or sick leave upon termination depends on state laws and company policies. Some states require employers to compensate employees for accrued but unused leave, while others do not have such requirements. It is important to review your employment contract or consult with an attorney to understand your entitlements.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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