Salary Definition

Term Definition
A specified amount of money that changes hands between an employer and an employee in exchange for services rendered as established by an employment contract.

Extended Definition
In most cases, a salary is delivered in the form of a weekly or bi-weekly paycheck (or direct deposit transaction). While the salary amount can vary greatly from one employee to the next, it is based on a standard and reasonable amount determined by the scope of work performed and the employee’s experience level.

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