4. What does a payslip look like? Fiona Foley works as a manager for her local County library. At the end of every month she is given a payslip by her employer. A payslip is a written calculation of an employee’s net pay given to every employee each time he or she is paid. Providing a payslip is a legal requirement of all employers. This is what Fiona’s payslip looks like:
Date that Fiona has been paid.
Pay: This side of the payslip lists all the pay that Fiona has earned this month.
31/11/20– Pay
Basic pay is Fiona’s fixed pay.
Basic
Payslip €
4,800
Deductions: This side of the payslip lists all the items that are deducted (taken out) of Fiona’s gross pay.
Fiona Foley Deductions PAYE
USC @ 2% PRSI @ 3%
Private Health Insurance Private Pension
Gross Pay 4,800
USC (Universal Social Charge) is another type of tax.
Gross pay is the amount when any overtime, bonuses or commission payments are added on.
Total Deductions
PRSI (Pay Related Social Insurance) is a compulsory social insurance payment.
Private pension is a voluntary deduction.
Total deductions is the total amount of money taken out of Fiona’s salary.
Month 11 €
985 96
144 175 400
1,800
Net Pay 3,000
Private health insurance is a voluntary deduction.
Net Pay is what is left of Fiona’s gross pay after all the deductions. Net pay is gross pay less all statutory and voluntary deductions.
Statutory (compulsory) deductions are deductions that the law says must be taken away from every employee’s gross pay. There are currently three statutory deductions: PAYE (Pay As You Earn) income tax USC (Universal Social Charge) PRSI (Pay Related Social Insurance)
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Non-statutory (voluntary) deductions are deductions that the employee has asked the employer to deduct for a specific purpose. The main voluntary deductions that employees might request are: Private pension contributions Health insurance Trade union membership fees
