Pay
What is a wage?
Money received for work. Usually received weekly. Amount can change depending on hours worked.
What does PAYE stand for?
Pay as You Earn
What is basic pay?
The amount of money earned in a normal working week. {not including additional pay}
What does USC stand for?
Universal Social Charge?
What is a salary?
monthly or annual payment to an employee. It is a fixed payment at regular intervals.
What does PRSI stand for?
Pay Related Social Insurance
Commission
Bonus
Overtime
Give a reason we pay taxes?
To fund essential services or any correct answer.
Lisa earns €59,000 per year working as a doctor. Is this an example of a wage or a salary?
Salary.
Is USC an example of a statutory deduction?
Yes
What is the difference between a bonus and overtime?
Overtime is money paid for working extra hours.
Bonus is a reward.
False
What is the national minimum wage in Ireland for someone over 20?
€14.15
Give an example of a non-statutory deduction?
What is Net pay?
Gross pay - total deductions
What are tax credits?
Reduce amount of tax a person owes.
What is the benefit of an employer paying an employee more than the minimum wage?
Keeps staff happy.
Makes them motivated.
Why is Health insurance a non-statutory deduction.
Why would employers pay employees overtime?
Encourage them to work more.
Reward them for working more.
What is the standard rate cut-off point?