[Q1. Grace (charis)]

In what way does grace characterize "the God of all grace"? God gives willingly out of love to those who have not earned, nor deserved the gift.  The gift is based on love, not a payment for what is done in advance to receive it.  Equally, I think, it is not based on our doing something in the future, like a performance contract.  I believe He gives without expectation of receiving something back in payment for that gift.  That is love!

[Q1. Grace (charis)]

Wages are payment for services rendered.  "the wages of sin are death"  We work for it and often times we work real hard at it.  Grace is free, unmerited and un-earned, we do not have to perform anything or do anything.  We don't work for it, ever.