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Income
| Question | Answer |
|---|---|
| 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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