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income
busniess studies
Question | Answer |
---|---|
what is income? | income is money we recieve |
what is ireagular income ? | iregular income is income received now and again (ex: presents, lotto win,bingo etc) |
what is regular income ? | regular income is money we recieve often (ex: wages, child benefit, pension, pocket money etc) |
what is benefit in kind ? | benefit in kind or perks is non cash forms of income (ex: company phone company car etc) |
what is minuim wage ? | Minium wage is the least amount of money an emoployed person over 18 can earn (e8.65) |
what is gross wage ? | gross wage is the amount of money a worker earn before deductions |
what is net wage ? | net wage is the amount of money an employed person takes home after deductions. |
what is statutory deductions ? | statutory deductions are deductions we have to pay. |
what are non statutory deductions? | non statutory deductions are deductions that we do not have to pay. |
what does P.R.S.I stand for ? | P.R.S.I stands for pay related social insurance |
what does P.A.Y.E stand for ? | P.A.Y.E stands for pay as you earn. |