chapter 11 - taxation 2

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11 Terms

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Wages vs salary

wages are paid for number of hours they work or how much they produce, salary is fixed per year

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Whats absic pay

amount you earn for a normal working week

3
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Whats a time rate

Paying an employee for how many hours htey work

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Whats a piece rate

number of units produced by each employee

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Whats comission

percentage of the value of goods or services htey sell during a week or month

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gross pay

total pay ebfore deductions ne

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net pay

gross pay after deductions

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whats a tax credit

repersents part of income thats tax free

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statuary deductions are

PAYE, PRISI, USC

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Non statutory deductions

  • trade union subscriptions

  • medical insurance

  • private pension payments

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