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income

busniess studies

QuestionAnswer
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.
Created by: jordankb123