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Income

Income. Income. Is money you receive. Or a benefit in kind you receive. It can be regular or additional. Benefit in Kind. Is non money income. Eg. Company car Vouchers for fuel or butter Gift vouchers…. Regular Income. Is what you are sure of receiving. You can plan to spend it.

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Income

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  1. Income

  2. Income • Is money you receive. • Or a benefit in kind you receive. • It can be regular or additional.

  3. Benefit in Kind • Is non money income. • Eg. • Company car • Vouchers for fuel or butter • Gift vouchers….

  4. Regular Income • Is what you are sure of receiving. • You can plan to spend it. • Wages • Child benefit….

  5. Additional Income • Is what you are not sure you will receive. • You cannot plan to spend it • Bonus • Present….

  6. Pocket Money • A small weekly sum of money given to children as an allowance. • Is this additional or regular income??

  7. Wages • Is regular income for hours worked or number of goods produced. • Eg. Builder

  8. Salary • Is regular income received for doing a job no matter how many hours you spend at it. • Eg. Teacher

  9. Tax Refund • Money back from the government when too much tax has been paid. • Is this additional or regular income??

  10. Family Income Support(FIS) • Received by families on a low income.

  11. Child Benefit • Regular income received once a month from the government if you have children under the age of 16.

  12. Social Welfare • Regular income receive weekly from the government if you are unable to work. • Eg. Job seekers allowance

  13. Pension • Regular income received from the government or a pension fund when you retire.

  14. Rental Income • Regular income received when you let out your house or a room in your house.

  15. Interest on Savings • Addition income received when you invest money in the bank.

  16. Dividends on Shares • Additional income received when you have own part of a company and you receive a share of the profits.

  17. Inheritance • Additional income received from a relative or friend when they die.

  18. Gift • Additional income received from a relative, friend or employer. • It may be cash or a benefit in kind.

  19. Types of Employee Income • Time Rate: • Getting paid per hours worked. 2. Piece Rate: • Getting paid per number of products produced.

  20. 4. Commission • Additional income calculated as a percentage of sales. • Eg. • Mary earns 5% commission on every euro worth of books she sells. • How much does she earn for selling 200 euro worth?

  21. 200 X 5 100 10 euro

  22. 5. Bonus • Additional income given for reaching certain targets.

  23. 6. Basic Wage • Regular weekly payment for normal hours worked. • Eg. €10 x 30 hrs = €300

  24. 7. Overtime • Additional payment for working over your normal hours. Eg. • Time and a half. €10 x 1.5 = €15/hr • Double time. €10 x 2 = €20/hr • Treble time. €10 x 3 = €30/hr

  25. Example • Mary receives €20/hr for a normal 30 hour week and double time for overtime. • How much does she earn for a 32 hour week?

  26. Answer • Basic Pay= €30 x 20 = €600 • Overtime = 2 x (€20 x 2) = € 80 • Total €680

  27. Gross Wage • Basic Wage + Overtime before deductions

  28. Net Wage (Take Home Pay) • Basic pay + overtime after deductions

  29. Voluntary Deductions • You have a choice if you want to take these out of your wages. • Savings • Pension (Superannuation) • VHI • Trade Union Fees

  30. Statutory Deductions • You do not have a choice these must be taken from your wages. • PAYE: Pay as You Earn (Tax) • PRSI: Pay Related Social Insurance

  31. Consequential benefits of PAYE • Paying tax entitles you to the, • Use of national roads • Use of a public ward in the hospital • Education in schools

  32. Consequential benefits of PRSI • Paying PRSI entitles you to, • Maternity Benefit • Unemployment Benefit • Sickness Benefit • Old Age Pension

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