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Business

Business(Income)

QuestionAnswer
What is income? What a household receives from working,for child benefit if there are children and from other sources such as interest on savings etc
What is regular income? Income that a person i guaranteed to recieve
Give an example of regular incom Wages
What is additional income? Extra income that a person might recieve
Give an example of additional income Working extra hours or winning the lotto
What is minimum wage? The least amount of payment for the work done that an employer can legally pay his/her employee
What is gross wage? What a worker earns before deductions are made
What is net wage? The gross wage less the statuary and non-statuary deductions. It is known as the take home pay
What is a statuary deduction? Deductions,income tax and PRSI,witch must be paid to the government
What are non-statuary deductions? Deductions witch workers request their employers to take from their wages and pay to other people
Give examples of non-statuary deductions Savings,pensions,union fees,VHI
What is a wage slip? A document given by the employer to the employee setting out the gross pay,deductions made and the net,take home pay
What is PRSI? Pay related social insurance, another form of tax on income
What is the formula for calculating the net wage? Gross pay-deductions
Created by: Chimozukee