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Household Income

Junior Cert Business Studies

TermDefinition
Filing Is a method of storing documents so that they can be easily found in the future. They can be filed alphabetically, numerically and by date and address.
Income This refers to the money, goods or services a household receives either regularly or ireegularly
Benefit-in-kind Any non-money income received for work done eg. phone
Overtime This is a payment received for working more than the required minimum number of hours in a week
Gross Pay This is the total income earned by a person
Deductions These are sums of money that are taken by the employer from gross pay
Net Pay Gross Pay less all deductions
Statutory Deductions Sums of money that must, by law be taken from gross wages
Voluntary Deductions Sums of money taken from the gross wage when the employee instructs the employer to make payments to a named person or organisation
PAYE Pay as You Earn
PRSI Pay Related Social Insurance
USC Universal Social Charge
Wage Slip/pay slip Written explanation of the calculation of an employee's net pay
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