8731000
Description
Flashcards by Lauren Mcguane, updated more than 1 year ago
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Created by Lauren Mcguane
almost 7 years ago
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| Question | Answer |
| Income | ~Is money you receive. ~Or a benefit in kind you receive. ~It can be regular or additional. |
| Benefit In Kind. | ~Is non money income. ~Examples; a company car, vouchers (fuel), gift vouchers |
| Regular Income | ~ It Is what you are sure of receiving. ~You can plan to spend it. ~Wages ~Child benefit…. |
| Additional Income | ~Is what you are not sure you will receive. ~You cannot plan to spend it ~Bonus ~Present…. |
| Pocket Money | ~A small weekly sum of money given to children as an allowance. ~Is this additional or regular income?? |
| Wages | ~Is regular income for hours worked or number of goods produced. ~Eg. Builder |
| Salary | ~Is regular income received for doing a job no matter how many hours you spend at it. ~Eg. Teacher |
| Tax Refund | ~Money back from the government when too much tax has been paid. ~Is this additional or regular income?? |
| Family Income Supprt (FIS) | ~Received by families on a low income. |
| Child Benefit | ~Regular income received once a month from the government if you have children under the age of 16. |
| Social welfare | ~Regular income receive weekly from the government if you are unable to work. ~Eg. Job seekers allowance |
| Pension | ~Regular income received from the government or a pension fund when you retire. |
| Rental Income | ~Regular income received when you let out your house or a room in your house. |
| Interest on savings | ~Addition income received when you invest money in the bank. |
| Dividends | ~Additional income received when you have own part of a company and you receive a share of the profits. |
| Inheritance | ~Additional income received from a relative or friend when they die. |
| Gift | ~Additional income received from a relative, friend or employer. ~It may be cash or a benefit in kind. |
| Types Of Employee Income | Time Rate: ~Getting paid per hours worked. Piece Rate: ~Getting paid per number of products produced. |
| Commission | ~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? |
| Answer | 200 X 5 100 10 euro |
| Bonus | ~Additional income given for reaching certain targets. |
| Basic Wages | ~Regular weekly payment for normal hours worked. ~Eg. €10 x 30 hrs = €300 |
| Overtime | ~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 |
| Example | ~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? |
| Answer | ~Basic Pay= €30 x 20 = €600 ~Overtime = 2 x (€20 x 2) = € 80 Total €680 |
| Gross Wage | ~Basic Wage + Overtime before deductions |
| Net Wage (Take Home Pay) | ~Basic pay + overtime after deductions |
| Voluntary deductions | ~You have a choice if you want to take these out of your wages. ~Savings ~Pension (Superannuation) ~VHI ~Trade Union Fees |
| Statutory 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 |
| Consequential benefits of PAYE | ~Paying tax entitles you to the, Use of national roads ~Use of a public ward in the hospital ~Education in schools |
| Consequential benefits of PRSI | ~Paying PRSI entitles you to, ~Maternity Benefit ~Unemployment Benefit ~Sickness Benefit ~Old Age Pension |
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