Household Income (Junior Cycle Business)

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Revises: What is income, types of income, irregular vs regular income, income from employment (wages + calculations, salary, benefits in kind), gross pay vs net pay, deductions, income calculations

33 Terms

1

What is income

Money received by a person or coming into a household

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2

What are employees

People who work for employers in return for a payment

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3

What is an employer

Someone who pays another person to work for them

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4

What is a pension

Income paid to people who have retired

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5

What is child benefit

Government payments made to parents/guardians of children

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6

What is Jobseeker’s benefit

Government payment made to people who are unable to find employment

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7

What is working family payment

Government payment available to workers with children to give extra financial support to people on low pay

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8

What is a grant

A sum of money paid to someone for a specific reason that doesn’t need to be paid back

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9

What is Interest on savings

A reward of money financial institutions award to those who save money with them

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10

What is a dividend

A portion of company profits paid to a shareholder (a company owner) as a reward for buying shares

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11

What is windfall income

Income you don’t expect, e.g. lotto win

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12

What is regular income

Income received on an ongoing basis, e.g. weekly or monthly

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13

What is irregular income

Income where the timing and amount of it is less predictable and not guaranteed

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14

What are benefits in kind

Non-money income (perks) in the form of goods and services with a money value

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15

What is a salary

A fixed annual payment made to an employee no matter how many hours they work (above an agreed minimum)

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16

What is a wage

A payment received for work done, normally calculated on the basis of actual work completed or on the amount of time spent working

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17

What are the different ways wages can be calculated

Time rate, overtime, piece rate, commission, bonus

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18

What is time rate

Wage calculation based on the number of hours worked

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19

What is overtime

A higher rate of payment for extra hours worked above the standard working week

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20

What is piece rate

Wage calculation based on the number of items completed

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21

What is commission

A payment based on a percentage of the value of goods or services an employee sold

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22

What is a bonus

A reward of extra payments for meeting performance targets or deadlines

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23

What is basic pay

The amount earned before extra payments (overtime, bonuses, commission) are added

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24

What is gross pay

The total pay before any deductions.

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25

What is net pay (take-home pay)

Amount of pay left after deductions are taken from gross pay

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26

What are the two types of deductions from gross pay

Statutory and voluntary

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27

What are statutory deductions

Deductions that are compulsory and every worker is required by law to pay

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28

What are voluntary deductions

Deductions that aren’t compulsory but workers may choose to pay them

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29

What are the statutory deductions workers have to pay

Pay as you earn tax, pay related social insurance, universal social charge

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30

What voluntary deductions can workers pay

Private pension, savings, loan repayment, private health insurance, trade union membership

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31

What is disposable income

Remaining income after all income taxes and statutory payments have been made that’s now available for all types of spending or saving

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32

What is discretionary income

Income left over after taxes, statutory deductions and essential expenditure (e.g. rent/mortgage, food, bills)

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33

What is an income plan

Records that help a household estimate their future income

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