Pay & personal taxes
How is basic pay calculated?
Basic rate per hour * number of hours worked.
Fill in the blank. A budget is a plan that shows expected income and planned _________ for a certain period of time.
Expenditure
Name two services a financial institution offers?
Current accounts, deposit accounts, online banking, foreign exchange, loans, standing orders, direct debits.
The annual car tax is €480, how much will the family pay per month?
€40
What is a tax credit?
A tax credit reduces the amount of tax a person owes to the government.
Name the three categories of expenditure in a budget
Fixed, irregular and discretionary
Name two financial institutions?
Banks, Credit union, Post office, Building Societies.
The mortgage repayment of €900 per month will increase by 2% next month. How much will the revised mortgage repayment be?
€918
Name 2 statutory deductions?
PAYE, USC, PRSI
How do you calculate net cash?
Total income- total expenditure
A financial service that allows the management of finances using the internet?
Online banking
If a family need to reduce their expenditure, which category of expenses are they likely to cut down off first?
Discretionary
How is commission calculated
Total sales/100*commission rate
How do you calculate closing cash?
net cash + opening cash
Name three banks operating in Ireland?
AIB, Bank of Ireland, Permanent TSB, KBC
€228
How do you calculate net pay?
Gross pay- deductions
If the expected expenditure is greater than the expected income the net cash is a ___________.
Deficit.
Define a financial institution?
A financial institution is an orgaisation that offers money related services to customers.
Karen will receive a pay rise of 4% next month and a bonus of €500. Her current pay is €3,500 per month. What will be Karen's pay be next month?
€4,140.