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Income

TermDefinition
Income Income is the money received by a household.
Regular Income this is money received regularly, e.g. every week, every two weeks or every month. We can usually predict how much we will receive.
Wages Wages: income received based on the hours worked or number of goods produced e.g. builder
Salary Salary: income received for doing a job no matter how many hours you spend at it e.g. teacher
Benefit in Kind Benefit in kind is any non-money income received for work done.
Overtime Overtime: this is money paid to an employee when they work more than the required number of hours in a week. 
Bonuses Bonuses: these are extra payments for employees who may have reached their targets, had no sick days, for Christmas etc.  
PRSI PRSI = PAY RELATED SOCIAL INSURANCE This is a percentage of gross income taken from each employees income and given to the government.
PAYE PAYE = PAY AS YOU EARN PAYE is the income tax system for employees in Ireland
USC USC = UNIVERSAL SOCIAL CHARGE The Universal Social Charge is a tax that Irish people have had to pay since 1 January 2011. You pay the USC if your gross income is more than €10,036 per year. It is calculated on a weekly or monthly basis.
Gross pay Gross Pay - this is the total income earned by a person.
Statutory Deductions Statutory deductions must, by law, be taken from gross wages.
Voluntary Deductions Voluntary deductions are sums of money taken from the gross wage at the instruction of the employee.
Net Pay Net pay is gross pay less all deductions.
Child Benefit Child Benefit: income received once a month from the government if you have children under the age of 16, or under 18 if they are still in full time education, it is currently €130 per month.
jobseekers benefit: Jobseekers benefit: income received by people who are unemployed, this is a social welfare payment, currently €188 per week.
Created by: kristanf
 

 



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