What is the fixed amount of money paid to an employee for each pay period called?

The term 'salary' refers to a fixed amount of money that an employee receives regularly, typically expressed on an annual basis but paid out over specific pay periods such as monthly or bi-weekly. This compensation is predetermined and does not fluctuate based on the number of hours worked or the volume of sales made, distinguishing it from other forms of compensation.

In contrast, a wage usually refers to payment based on hourly work, where the total pay can vary depending on the hours worked. Bonuses are additional payments that are not guaranteed and are often awarded based on performance or company profits. Commission is compensation based on sales made, meaning its total amount can change significantly based on the employee's performance in generating business. Thus, 'salary' accurately describes a consistent, fixed payment structure for employees.