Wages based on number of items completed e.g. worker in clothes factory
Is a bonus an example of regular or irregular income?
Irregular (only received if targets are reached!!)
Give an example of BIK
Company Car, Company Phone, Health Insurance paid for by employer
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 salary?
It's a fixed annual payment made to an employee for an agreed amount of work
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
Explain disposable income
Income left after all taxes have been paid
What is the living wage?
It is the lowest hourly rate an employee needs to earn to have a basic but acceptable standard of living
What is gross pay?
Total pay before ANY deductions
What are statutory deducations?
Compulsory deductions - you have no choice in the matter - you have to pay them by LAW
Explain discretionary income
Income left over after taxes and essential spending
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 payslip?
A payslip is a document that shows pay earned and amounts deducted. It can provided on paper or electronically - your employer has to provide you with a payslip
Net Pay = Gross Pay - _________?
Total Deductions!
What is a bonus payment? Give an example
Extra payments or rewards for working hard or for reaching targets e.g. Christmas Bonuses
Define Emploment
Doing work for payment
Give two examples of statutory deductions
PAYE | PRSI | USC
Give an example of non-money income
Benefits in kind (BIK)
What is minimum wage?
This is the lowest hourly rate that an employer has to pay an employee by law
What is income?
Money received by a person or coming into a household