Overtime Pay

Blue-Collar
A term used to describe employees performing manual labor, often requiring a work uniform, which may be blue in color. Blue-collar workers range from unskilled to skilled employees and are subject to wage and hour laws, including overtime pay for working more than 40 hours per week.
Double Time
Double time refers to a payment condition in which employees are paid twice their regular hourly rates for specific types of work, including overtime, Sundays, or holidays.
Fair Labor Standards Act (FLSA)
The Fair Labor Standards Act (FLSA) is a federal law enacted in 1938 that establishes minimum wage, overtime pay, and child labor standards in the United States.
Premium Pay
Premium pay refers to special pay rates provided to employees for working during weekends, holidays, late shifts, or engaging in hazardous work. Also known as penalty pay, it serves as an incentive for employees to work during less desirable times or in high-risk occupations.
Supplemental Wages
Supplemental wages include bonuses, commissions, overtime pay, and certain [SICK PAY]. An employer can withhold income tax at a flat 25% rate or use the same method as for regular wages.
Time-and-a-Half
Time-and-a-half refers to the payment of one and a half times the worker's regular hourly wage for work performed beyond 40 hours per week. This payment policy is mandated by the Fair Labor Standards Act (FLSA).
Wage Protection Laws
Wage protection laws are legal measures that ensure employees receive timely and full payment for their work. These laws help safeguard workers' earnings from wrongful deductions, non-payment, and other forms of wage theft.

Accounting Terms Lexicon

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