click below
click below
Normal Size Small Size show me how
Household Income
Junior Cert Business Studies
Term | Definition |
---|---|
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 |