income- household/ business

Question	Answer
income	is money earned
regular income	is paid at fixed intervals e.g. jobseekers allowance, wages or salary
additional income	is received occasionally, e.g. bonus, overtime or a commision
benefit- in - kind	is also a form of income, sometimes known as 'perk' and is not paid in the form of money. the benefit can be official, e.g. company car, discounted insurance, or unofficial, e.g. personal phone calls, stationery
statutory deductions	are what you must give up from your salary/ wages
voluntary deductions	are what you choose to have paid from your salary/ wages e.g. pension contribution, health insurance, trade subscription
gross pay (gross wage)	basic pay + overtime + commission + bonus =gross pay
net pay (net wage)	gross pay - all deductions (i.e. both statutory and voluntary) = net pay

Resource summary

	Created by shaunagregory201 over 10 years ago