What is income?
Money you receive
Money you spend
What is a benefit in kind?
Money income (cash)
non money income eg a company car
What is regular income?
It is changeable income (it can differ)
It is income you are sure of receiving
What it additional income?
income you are not sure you will receive.
fixed income, it never changes
What is pocket money?
additional income
A small weekly sum of money given to children as an allowance.
Wjhat are wages?
money received as a bonus
Is regular income for hours worked or number of goods produced.
What is a salary?
Is regular income received for doing a job no matter how many hours you spend at it.
income that changes with the amount of hours spent at it
What is a Tax refund?
Money back from the government when too much tax has been paid.
money you have to pay to the government (statutory deductions)
Family income support (FIS) is given to families on high income
What is child benefit?
Regular income received once a month from the government if you have children under the age of 16.
Regular income received from the government or a pension fund when you retire.
What is Social Welfare?
Regular income receive weekly from the government if you are unable to work.
Addition income received when you invest money in the bank.
What is a Pension?
Regular income received when you let out your house or a room in your house.
what is Interest on savings?
money paid to the government.
What is inheritance?
Additional income received from a relative or friend when they die.
Additional income calculated as a percentage of sales.
what is a gift?
Additional income received when you have own part of a company and you receive a share of the profits.
Additional income received from a relative, friend or employer.
what are dividends on shares?
Additional income given for reaching certain targets.
Time rate is money per hours worked
Getting paid per number of hours worked
What is commission?
Regular weekly payment for normal hours worked.
What is a bonus?
You have a choice if you want to take these out of your wages
What is Basic pay?
Additional payment for working over your normal hours.
What is overtime?
Basic pay + overtime after deductions
What is Net wage? (take home pay)
Basic Wage + Overtime before deductions
What is gross wage?
wages after deductions (take home pay)
what are voluntary deductions?
You do not have a choice these must be taken from your wages.
You have a choice if you want to take these out of your wages.
what are statutory deductions?
money made from investing in a bank (Interest)
What are the consequential benefits of PAYE
Old Age Pension
Use of national roads
Education in schools
Use of a public ward in the hospital
What are the consequential benefits of paying PRSI
Unemployment Benefit
Maternity Benefit
Sickness Benefit
