Flashcards
Income
Cards in this deck (31)
- 1Income~Is money you receive.
~Or a benefit in kind you receive.
~It can be regular or additional. - 2Benefit In Kind.~Is non money income.
~Examples; a company car, vouchers (fuel), gift vouchers - 3Regular Income~ It Is what you are sure of receiving.
~You can plan to spend it.
~Wages
~Child benefit…. - 4Additional Income~Is what you are not sure you will receive.
~You cannot plan to spend it
~Bonus
~Present…. - 5Pocket Money~A small weekly sum of money given to children as an allowance.
~Is this additional or regular income?? - 6Wages~Is regular income for hours worked or number of goods produced.
~Eg. Builder - 7Salary~Is regular income received for doing a job no matter how many hours you spend at it.
~Eg. Teacher - 8Tax Refund~Money back from the government when too much tax has been paid.
~Is this additional or regular income?? - 9Family Income Supprt (FIS)~Received by families on a low income.
- 10Child Benefit~Regular income received once a month from the government if you have children under the age of 16.
- 11Social welfare~Regular income receive weekly from the government if you are unable to work.
~Eg. Job seekers allowance - 12Pension~Regular income received from the government or a pension fund when you retire.
- 13Rental Income~Regular income received when you let out your house or a room in your house.
- 14Interest on savings~Addition income received when you invest money in the bank.
- 15Dividends~Additional income received when you have own part of a company and you receive a share of the profits.
- 16Inheritance~Additional income received from a relative or friend when they die.
- 17Gift~Additional income received from a relative, friend or employer.
~It may be cash or a benefit in kind. - 18Types Of Employee IncomeTime Rate:
~Getting paid per hours worked.
Piece Rate:
~Getting paid per number of products produced. - 19Commission~Additional income calculated as a percentage of sales.
Example
~Mary earns 5% commission on every euro worth of books she sells.
~How much does she earn for selling 200 euro worth? - 20Answer200 X 5
100
10 euro - 21Bonus~Additional income given for reaching certain targets.
- 22Basic Wages~Regular weekly payment for normal hours worked.
~Eg. €10 x 30 hrs = €300 - 23Overtime~Additional payment for working over your normal hours.
Eg.
~Time and a half. €10 x 1.5 = €15/hr
~Double time. €10 x 2 = €20/hr
~Treble time. €10 x 3 = €30/hr - 24Example~Mary receives €20/hr for a normal 30 hour week and double time for overtime.
~How much does she earn for a 32 hour week? - 25Answer~Basic Pay= €30 x 20 = €600
~Overtime = 2 x (€20 x 2) = € 80
Total €680 - 26Gross Wage~Basic Wage + Overtime
before deductions - 27Net Wage (Take Home Pay)~Basic pay + overtime
after deductions - 28Voluntary deductions~You have a choice if you want to take these out of your wages.
~Savings
~Pension (Superannuation)
~VHI
~Trade Union Fees - 29Statutory deductions~You do not have a choice these must be taken from your wages.
~PAYE: Pay as You Earn (Tax)
~PRSI: Pay Related Social ~Insurance - 30Consequential benefits of PAYE~Paying tax entitles you to the,
Use of national roads
~Use of a public ward in the hospital
~Education in schools - 31Consequential benefits of PRSI~Paying PRSI entitles you to,
~Maternity Benefit
~Unemployment Benefit
~Sickness Benefit
~Old Age Pension