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What is the definition of Income?
Income is the money received by a person or a household
Name 3 sources of Household income
What does WFP stand for?
Working Family Payment (WFP)
What's the name of the payment from the government that is given to people who can't find jobs called?
Jobseeker’s Benefit
What is Windfall income
this is random money at a random time e.g Lotto
What is BIK stand for ?
Benefit in Kind
What is the difference between regular and irregular income?
Regular comes at regular time and amounts. Irregular can be different times and amounts
Name 3 sources of Regular income?
Wages,Salaries,Child Benefit,Pensions, Jobseeker’s Benefit.
Name 2 types of Irregular income?
Overtime
Bonus
Windfall income
What is a salary ?
A salary is a fixed annual payment made to an employee for an agreed amount of work.
What is a wage ?
A wage is a payment received for work done, normally calculated on the basis of actual work completed
What is time rate?
Wage calculation based on the number of hours worked, e.g. €15 per hour.
What is overtime payments?
When an employee works longer than the standard working week they may receive a higher rate of payment for those extra hours
What is piece rate?
Calculation based on the number of items completed.
What is commission ?
Some workers receive a payment based on the value of the goods or services they have sold.
What is a bonus ?
Some employers reward their staff with extra payments for meeting performance targets or deadlines.
What is basic pay
Basic pay is the amount earned before any extra payments (overtime and bonuses) are added.
What is the formula for Gross Pay ?
Gross pay = Basic pay + Overtime + Bonuses + Commission earned
What is the formula for net pay ?
Net pay = Gross pay − Total deductions
Name the 2 categories of Deductions
Statutory and Voluntary
What does PRSI stand for?
Pay related social insurance
What does USC stand for?
Universal social charge
What does PAYE stand for ?
Pay as you earn
Health insurance, Savings scheme or trade union fees
Give me 2 examples of Benefit in Kind?
Car, Petrol card, health insurance etc