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Income
Chapter 2 Time for Business
| Term | Definition |
|---|---|
| Income | Money you earn |
| Employment | Doing work for payment |
| Employee | Someone who is hired to work for payment |
| Employer | Someone who hires another person to work for payment |
| Wages | Money received based on the work completed, e.g. it may be calculated on the hours worked. |
| Salary | An annual payment for work, spread out over the year. A fixed amount is received on a regular basis, regardless of the hours worked. |
| Child Benefit | A payment from the State to parents towards the cost of child rearing. This is received on the first Tuesday of every month. |
| Jobseeker's Benefit | A payment received from the State to those who have lost their job and who are looking for work. This is paid weekly. |
| Pension | A payment received when an individual retires from their job. |
| Interest | Banks and other financial institutions pay a percentage of the amount saved to the saver. Usually paid once per year. |
| Bonus | A lump sum of money, usually received when an employee meets a target, e.g. a manager may receive a bonus for increasing sales or meeting an important deadline. |
| Commission | When a salesperson receives a percentage of the selling price of the item they are selling, e.g. when selling a car. This encourages them to make as many sales as possible. |
| Overtime | Payment for working extra hours outside of your contract. Usually paid at a higher rate, e.g. at time and a half. |
| Inheritance | A person may be left money in a will or given it as a gift. |
| Dividends | A payment to a shareholder from a company. It is based on the profits of the company for the year. The more shares a person owns, the more they receive. |
| Benefit-in-kind | Non-money income. Can be from a job e.g. company car or the State, e.g. Bus Pass |
| Regular income | Predictable income received at a fixed interval e.g. salary |
| Irregular Income | Unpredictable. May vary in amounts, may be infrequent. e.g. winnings. |
| Family income supplement | Money received from the State to top up families on low income. |
| Grant | Sum of money received which does not need to be repaid, as long as certain conditions are met. Usually recevied from the State or the EU. |
| Time Rate | Wages received, based on the hours worked. |
| Piece Rate | Wages received, based on the products made. |
| Basic Pay | Pay received for the hours in your contract. |
| Gross pay | The income you earn. |
| Net pay | The income you receive (i.e. gross pay - deductions) |
| Statutory deductions | Deducted from your pay by law - no choice. Includes taxes such as PAYE and USC. |
| Voluntary deductions | Deducted from your pay by choice, e.g. savings scheme. |
| PAYE | Pay As Your Earn - an income tax which is used for running the country. |
| PRSI | Pay Related Social Insurance - deducted from your pay and used to provide benefits such as social welfare. |
| USC | Universal Social Charge - a supposedly temporary tax brought in during the recession. |
| Disposable income | Gross pay - statutory deductions |
| Discretionary income | Gross pay - statutory deductions - essential bills. |
Created by:
MsJMarshall
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