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Chapter 02

Household Income

QuestionAnswer
Income def Money received
Employee def Work for employer in return for payment
Employer def Pays another person to work for them
Two types of income from employment + definitions Salary (fixed annual payment, no matter the hours) Wage (payed for work done)
Three wage calculations +definitions Time rate (based on hours of work done) Overtime (work longer than meant to and receive higher pay) Piece rate (payed on number of items completed) Commission (payed based on value of sales) Bonus payments (extra payments) Basic pay (b4 bonus)
Income examples Pensions Child benefit Jobseekers benefit (to people who can’t find a job) Working family payment (paid to workers with children) Windfall income Interest on savings
Three examples of regular income Wages Salaries Pensions
Three examples of irregular income Bonus Windfall Overtime
Benefit in kind def Perks from a business
Gross pay calculation Basic pay + overtime + bonuses + commission earned
Net pay calculation Gross pay - deductions
Disposable income calculation Gross income - statutory deductions
Discretionary income calculation Gross income - statutory deductions - essential payment
Statutory deductions meaning and examples Deductions you have to pay (eg PAYE, PRSI, USC)
Voluntary deductions meaning and examples Deductions you choose to pay (pensions, savings etc.)
Payslip def A paper/technological slip to show amount and deduction
Salary def Fixed annual payment made to an employee no matter how many hours worked
Wage def Payment for work done
Types of wages Time rate: wage calculation based on hours worked Overtime: employees work longer hours and get paid a higher rate Piece rate: wage based on number of items completed Commission: wage based on number of sales Bonus: reward from employers to staff
PAYE stands for and is… Pay As You Earn: Tax paid on income as it’s earned, calculated by employer
PRSI stands for and is… Pay Related Social Charge: Allows workers to claim future benefits, eg. Pension
USC stands for and is… Universal Social Charge: applies to workers whose income is above a certain limit
Created by: TomDel123
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