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Household Income
Key terms re household income
Term | Definition |
---|---|
Business | Any activity that concerns a person or a group of people |
Budget | A plan that matches expected spending with expected income over a period of time |
Income | Money, goods or services a household receives, either regularly or irregularly |
Wages | Income received by employees based on the number of hours they have worked |
Salaries | Income received by employees regardless of the number of hours they have worked |
Benefit-in-kind | Any non-money income received for work done |
Gross Pay | Total income earned by a person |
Statutory Deductions | Sums of money that are taken, by law, from gross wages |
PAYE | Pay As You Earn |
PRSI | Pay Related Social Insurance |
USC | Universal Social Charge |
Voluntary Deduction | Sums of money taken from the gross wage at the instruction of the employee. The employer makes these payments to a named person or organisation |
Net Pay | This is gross pay less all deductions |
Wage slip/Pay slip | A written explanation of the calculation of an employee's net pay. |