Remuneration, Wage, Pay, Salary, Profit, Revenue, Income or Earnings?

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Remuneration, Wage, Pay, Profit, Revenue, Income, Earnings or Proceeds?


Hello and welcome to Fransy Fancy English! These words have to do with the money a person or a business makes. Since I'm no financial expert, feel free to share your insights! Let's identify some similarities and differences.





REMUNERATION 

For employees:
The noun remuneration is a general term for the monetary and non-monetary compensation that employees receive for their work. You could say that your remuneration includes your salary, wages,
bonuses as well as perks. Salespeople and white-collar workers often receive remuneration.

"We received fair remuneration for our services."




WAGE (also wages)

For employees:
Wages are common among manual workers. If you're paid daily, hourly or weekly, you call it a wage or wages. Some people earn minimum wage, while some others are paid a high or low wage.

"She receives weekly wages of £500."
"He gets a good wage."
"Is the minimum wage set at €10 per hour?"


PAY 

For employees:
Pay is the money that you earn for carrying out your duties and it's considered a general term.
Gross pay is the money you get before taxes are taken away and net pay is the amount that remains when nothing more is to be taken away.

"Hairdressers, hairstylists, and cosmetologists work long hours for low pay."
"She is a teacher and she is asking for higher pay."
"Don't settle for a 3% pay rise."
"The overtime pay is more than the regular pay."
"You are not eligible for sick pay."


SALARY

For employees:

Salary is the set amount of money paid to office workers and professionals monthly, bi-monthly or annually, not on an hourly basis. "Basic salary" is called "base salary" in American English and it's the payment for your work without bonuses or overtime.

Basic Salary + House Rent Allowance + Other Allowances

"He earns a six-figure salary."
"I would request an annual salary in the range of $40,000 to $50,000."
"Lawyers earn a basic salary of £73,250."
"Your salary is proportional to your experience."
"I need a job with a higher salary."
"I think her $250,000 salary a year is chicken feed to her."
"There are lots of things we can't afford on this salary."
"His salary is too low to meet his needs."

Gross Salary (your salary before tax has been taken away)
Net Salary (your salary after tax has been taken away)


IINCOME
For employees:
Your income is the money you receive for your services from all sources, such as your pay, dividends and rents. Your taxes are based on your income.  When the total amount of money you earn changes every month or year, it's called "earnings."

"His earnings last year were ￡30 000."
"They are on a low income and they struggle to pay their fuel bills."


For businesses:
The amount of money a business or organization makes is its income or net income which is the bottom line of a company's income statement. It's calculated by taking away all the expenses, taxes, stock dividends (a dividend is a part of a company’s profit that is divided among the people who have shares in the company) from the total revenue. The terms "net income" and "earnings" are synonymous.



Net Income =  Revenue – Cost of Goods Sold – Expenses 
Gross Income = Gross Revenue – Cost of Goods Sold  





REVENUE (also revenues) 

For businesses:

The sales made in a period of time are called revenue or turnover. The revenue is the first line on an income statement.

"This company has an annual revenue of  $12 million."

Net revenue = gross revenue - discounts - returns - commissions
Total Revenue = Quantity Sold x Price








PROFIT

For businesses:
When you pay all you expenses and bills, the money that is left is the profit you made.

"The company earned a large profit."

Gross profit (also gross income) 
The gross profit shows how much a company makes from the production or sales and it's calculated 
by subtracting the production costs from the revenue.

Net Profit
Net profit or net income is calculated by subtracting all the expenses and costs from the revenue. 

"The company made a net profit of $100 million."




What do you think of this post? What I have written above just scratches the surface. I am so keen to learn from you! 










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