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Regular Income

Time For Business - 1st Year

TermDefinition
Regular Income Some sources of income are received on a regular or on going basis such as weekly or monthly
Irregular Income Other types of income are less predictable and maybe received only irregularly
Income Is money received by a person or a household
Benefit in Kind When a household is provided with goods or services that have a money value
Basic pay Before overtime and bonuses are added
Net pay Is the amount left after all deductions from gross pay
Statutory deductions Are compulsory, every worker is required to pay
Voluntary deductions Are not compulsory, but workers may choose to pay them
PAYE Pay as you earn
PRSI Pay related social insurance
USC Universal social charge
Created by: Sarah C. Lynch
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