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Income

TermDefinition
Income the money received by person in the households
Benefit in Kind is any non-cash benefit of monetary value that you provide for your employee.
Salary a salary is a fixed annual payment made to employee no matter how many hours they work
Wage a payment received for work done, normally calculated on the basis of actual work done or on the amount of time spent working
Time Rate wage calculation based on the number of hours worked
Overtime Payment when an employee works longer than standard working week they may receive a higher rate of payment for those extra hours
Piece Rate calculation based on number Of items completed
Commission some workers receive a payment based on the value of goods or they have sold
Bonus Payment employers reward their staff with extra payments for meeting performance targets/deadlines
Basic Pay the amount earned before any extra payments (overtimes and bonuses) are added
Gross Pay basic pay plus any extra income earned from overtime, bonuses or commission :the total before any deductions
Net Pay the amount of money left over after deductions from gross pay
Statutory Deductions compulsory deductions , every worker has to pay these by law
Voluntary Deductions not compulsory, workers may choose to pay them
PAYE income tax system. tax is paid income as it is earned
PRSI allows employees to claim certain benefits in the future
USC applies to all workers who's income is above a certain limit
Disposable Income remaining income after all income taxes and statutory payments have been made
Discretionary Income income left over after taxes and essential spending on food and bills. You choose how to spend it
Created by: NMaticha
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