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Seven Types of Monetary Compensation

List and describe the seven types of monetary compensation.

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Hello. I provide the following to assist you in formulating your response.

1. Wages/By the hour: Compensation received from working by the hour, either at a minimum hourly rate, or a specific hourly rate based on experience.

2. Tips: Compensation received; normally work as a waitress or driver. This form of compensation is not guaranteed. These individuals also normally receive a smaller hourly rate in addition to the tips received.

3. Salary: ...

Solution Summary

This solution provides assistance in providing the difference forms of compensation an employee might receive. It further provides an explanation of each.

$2.19