What Does Statutory Mean?
Answer
Statutory can mean an audit carried out to comply with the requirements of particular legislation or the mandatory reserve for incorporated businesses; the annual transfer to reserves has to be at least one twentieth of the profit for the year, net of losses brought forward. Also, it can mean prescribed or authorized by or punishable under a statute.
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statutory - Definition
[stach-oo-tawr-ee, -tohr-ee]
(a.) Of, pertaining to, or of the nature of a statute
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Q&A Related to "What Does Statutory Mean"
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The term statutory refers to a legislative act, or something written into legislation that governs a city, state, county, or country. It is also referred to as common law.
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A statutory employee is not exactly an employee of a company but is not an independent contractor either. They are like a hybrid of the two. The employer has to pay taxes for this
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Statutory law are laws written for state legislatures or local municipalities. Statutes may also exist on the national level. These laws are set by a legislature and lower jurisdictions
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Employers are required to pay statutory sick pay under certain circumstances, for instance when an employee is out sick for four or more days in a row. This includes weekends as well
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