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What is income?
Money received by a person or coming into a household
Define Emploment
Doing work for payment
Give an example of non-money income
Benefits in kind (BIK)
Give an example of BIK
Company Car, Company Phone, Health Insurance paid for by employer
Is a bonus an example of regular or irregular income?
Irregular (only received if targets are reached!!)
What is a salary?
It's a fixed annual payment made to an employee for an agreed amount of work
What is a wage?
A wage is payment received for work done (actual work completed or time spent working) It isn't always the same every week!
What is a time rate?
Wages based on number of hours worked.
What is overtime?
When an employee works for longer than their set hours - they may earn a higher rate of payment for those extra hours
Time and a half vs Double time - explain
Time and a half: your standard wage for an hour x 1.5 (€10 x1.5 = €15) Double time: Double time is double your standard wage (€10 x 2 = €20)
What is a piece rate?
Wages based on number of items completed e.g. worker in clothes factory
What is commission?
It's payment a worker receives on top of their salary for goods and services sold - it gives employees incentive!!
What is a bonus payment? Give an example
Extra payments or rewards for working hard or for reaching targets e.g. Christmas Bonuses
What is gross pay?
Total pay before ANY deductions
What is net pay?
This is your take-home pay - the money left after all deducations are made
Net Pay = Gross Pay - _________?
Total Deductions!
