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Household Income
1st year
| Question | Answer |
|---|---|
| Income | This is money received by a person or household |
| Salary | This is a fixed annual payment made to an employee no matter how many hours they work. Example: €40,000 salary paid in equal monthly instalments. |
| Wages | This is a payment received for work done. This is calculated based on the amount of time spent working or based on the actual work completed. |
| There are 5 ways that wages can be calculated: | 1.Time Rate 2.Overtime payments 3.Piece Rate 4.Commission 5.Bonus payments |
| Time Rate | Calculation based on the number of hours worked. Employees must 'clock in' and 'clock out' of work so that the employer knows how many hours they have worked. |