Question

What is "Independent Service Income" and "Wages and Salaries". What are the similarities and differences?

What is "Independent Service Income" and "Wages and Salaries". What are the similarities and differences?

Homework Answers

Answer #1
  • If the person is an employee of the organization, remuneration that is received is "Wages and Salaries".
  • If the person is an independent contractor and not an employee of the organization, the remuneration that is received is "Independent Service Income".
  • The similarities between the two are that remuneration is paid for the service performed in both, "Independent Service Income" and "Wages and Salaries".
  • The differences between two is that "Wages and Salaries" are fixed monthly remuneration which is paid for the services performed by an employee, while "Independent Service Income" are remuneration paid for a particular service performed, it is not fixed and varies according to the service performed.
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