Which of the following is NOT a component of the pay formula?

The pay formula typically consists of various components that determine the compensation for employees, particularly in transportation or dispatching roles where performance and adherence to guidelines are critical. In this context, the term "bonus" is generally viewed as an additional incentive rather than a fundamental part of the standard pay formula.

Standard pay components often include a base rate, calculations for spread, and penalties that may be imposed for specific infractions or unsatisfactory performance levels. The base rate is typically fixed, while the spread can refer to metrics relating to hours worked or additional responsibilities taken on. Penalties come into play when performance doesn't meet the established standards.

Bonus payments, while they might be significant motivational tools, are not an inherent part of the basic pay structure, which is why they stand out as the answer that is not typically included in the core formula for calculating an employee's pay.