Income
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Income | the money received by person in the households
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| Benefit in Kind | is any non-cash benefit of monetary value that you provide for your employee.
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| Salary | a salary is a fixed annual payment made to employee no matter how many hours they work
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| Wage | a payment received for work done, normally calculated on the basis of actual work done or on the amount of time spent working
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| Time Rate | wage calculation based on the number of hours worked
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| Overtime Payment | when an employee works longer than standard working week they may receive a higher rate of payment for those extra hours
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| Piece Rate | calculation based on number Of items completed
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| Commission | some workers receive a payment based on the value of goods or they have sold
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| Bonus Payment | employers reward their staff with extra payments for meeting performance targets/deadlines
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| Basic Pay | the amount earned before any extra payments (overtimes and bonuses) are added
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| Gross Pay | basic pay plus any extra income earned from overtime, bonuses or commission :the total before any deductions
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| Net Pay | the amount of money left over after deductions from gross pay
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| Statutory Deductions | compulsory deductions , every worker has to pay these by law
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| Voluntary Deductions | not compulsory, workers may choose to pay them
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| PAYE | income tax system. tax is paid income as it is earned
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| PRSI | allows employees to claim certain benefits in the future
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| USC | applies to all workers who's income is above a certain limit
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| Disposable Income | remaining income after all income taxes and statutory payments have been made
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| Discretionary Income | income left over after taxes and essential spending on food and bills. You choose how to spend it
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Created by:
NMaticha
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