income- household/ business

Description

junior certificate business Flashcards on income- household/ business, created by shaunagregory201 on 16/04/2014.
shaunagregory201
Flashcards by shaunagregory201, updated more than 1 year ago
shaunagregory201
Created by shaunagregory201 over 10 years ago
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Resource summary

Question Answer
income is money earned
regular income is paid at fixed intervals e.g. jobseekers allowance, wages or salary
additional income is received occasionally, e.g. bonus, overtime or a commision
benefit- in - kind is also a form of income, sometimes known as 'perk' and is not paid in the form of money. the benefit can be official, e.g. company car, discounted insurance, or unofficial, e.g. personal phone calls, stationery
statutory deductions are what you must give up from your salary/ wages
voluntary deductions are what you choose to have paid from your salary/ wages e.g. pension contribution, health insurance, trade subscription
gross pay (gross wage) basic pay + overtime + commission + bonus =gross pay
net pay (net wage) gross pay - all deductions (i.e. both statutory and voluntary) = net pay
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