In the given question, the form of payment is salary.
What is a salary?
When someone is paid a certain amount of money for his/her work on a daily, weekly, monthly, or yearly basis is called salary.
Given, I'm getting paid a sum of $42000 per year.
It is not a commission. Because, I'm not getting paid any form of compensation here.
The paid amount is fixed here. Therefore, it is not a wage.
It is not a pension. Because, I'm not getting paid after the retirement.
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