Definition - What does Wages mean?

Wages are monies that are paid in exchange for a service that is rendered by a person while in the employ or under the contract of the payer. The wages are effectively paid by the employer to the person they hired to perform a service; this person can be an employee in the sense that the service is performed repeatedly and as continually exchanged for wages, or it could be from a one-off exchange such as for cleaning a chimney.

Justipedia explains Wages

Federal and state laws dictate the minimum wage payable for employees in any area of work. Certain types of jobs, such as working as a waitress, are subject to a different legal minimum wage limit than the standard rate. The minimum wage is federally determined and must be followed by all businesses nationwide. Any breach of employment law regarding wage payment would create a criminal charge being brought against the company who breached the law.

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