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What is income? This is the money that comes into a household.
What is benefit in kind? Any non-money income received for work done.
What are examples of benefit in kind? Company car, free lunch, free flights.
What is regular income? Income that is received every week, month or year, we can usually predict how much.
What is irregular income? This is extra occasional income that may be received.
Examples of irregular income are.... Bonuses, overtime, lottery win.
Examples of regular income are.... Salary, child benefit, pension.
What is overtime? This is a payment received for working more than the required number of hours in a week.
What is gross pay? This is the total income earned by a person.
What are deductions? Theses are sums of money taken from gross pay by the employer.
What is net pay? This is gross pay less all deductions.
What are statutory deductions? These must, by law, be taken from gross wages.
What are voluntary deductions? These are sums of money taken from the gross wage at the instruction of the employee.
What does PAYE mean? Pay As You Earn
What does PRSI mean? Pay Related Social Insurance
what does USC mean? Universal Social Charge
What is a wage slip? A written explanation of the calculation of an employees net pay.
Created by: MsFinn
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