Wages are payment, usually financial, that an employee receives in exchange for their labor from an employer. Wages include salaries, bonuses, tips, etc.
As of April 2021, the federal minimum wage for covered nonexempt employees is $7.25 per hour, according to the Fair Labor Standards Act (FLSA). Different states will have a different minimum wage, according to their own minimum wage law. For example, when an employee works in New York State, they should receive a minimum $13.20 per hour, with some variation in Long Island, NYC, and lower wages for tipped service workers.
[Last updated in April of 2022 by the Wex Definitions Team]