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income

buisness studys

QuestionAnswer
What is income? income is money we recieve
Explain the minimum wage minimum wage is the least amount of money an employer can legaly pay its workers the minimum wage is 8.65
Explain gross wage what a worker earns before deductions are made
Explain net wage net wage is gross pay after deductions are made
What are statutory deductions? statutory deductions are deductions that we have to pay e.g tax
What are non statutory deductions? non statutory deductions are deductions that we dont have to pay e.g vhi
What does paye stand for? pay as you earn.
What does prsi stand for? pay related social insurance
What is child benefit? child benefit is money the goverment give to parents to pay for their children
Explain benefit in kind benefit in kind is non cash form of income
What is regular income? regular income is money we recieve weekly or monthly
What is irregular income? irregular income is monney we recieve now and again
What is job seekers benefit? job seekers benefit is money the goverment gives to people without a job
What is a grant? a grant is money the goverment give to a student going to college
What is overtime? overtime is monney an employer gives to someone working over hours
Created by: finnjamin08