Definition - What does Minimum Wage mean?
Minimum wage is a federally set wage that employers must legally pay their employees (and no less than that amount). Although there is no "maximum" wage, for specific roles there can be different minimum wages. For instance, the lowest minimum wage is given to wait staff who have the ability to count tips as part of their income.
If an employer is found guilty of breaking the minimum wage law, they will be fined by the courts as well as forced to repay the difference to the employee, which should have been paid during their course of employment.
Justipedia explains Minimum Wage
The minimum wage laws are set so that employers are legally obligated to provide a certain standard of living through available wages. Minimum wage is often tied to the cost of living, although traditionally it has been much lower than what a person would need to be considered to earn average industrial pay. A minimum wage income is legally classified as socially and economically disadvantaged.