Salary- have a set yearly pay and it only increases through raises or promotions.
Hourly- paid a rate per hour and once you work more than the average work week of forty hours then you receive and increase pay through working overtime.
Here’s a closer look at hourly vs. salary compensations.
Overtime- when an employee earns 1.5, 2, or even 3 times more than their rate of pay.
Bonuses- extra pay over the base wage for reaching a goal.
Commission- if you are taking a sales route, you are likely on a commission plan, possibly including a base salary. Here is what you’ll need to know about different types of commission.
For a more in-depth look at pay types check out this article from Intuit.
When finding or looking for your first job, money shouldn’t be the biggest influence in your decision but it is crucial to your future finances. Salary, hourly, bonuses and commission are the main focuses when considering types of pay.