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Household Income

Key terms re household income

TermDefinition
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.
Created by: kathy.mullen
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