Unit 1 Personal Finance 7/02/20– Pay Basic Overtime €
760.00 120.00
Weekly Payslip Deductions PAYE
USC @ 2% PRSI @ 3%
Private Pension Private Health Insurance Gross Pay 880.00 Total Deductions €
116.00 17.60 26.40 20.00 15.00
195.00
Business Careers Payroll Managers are responsible for ensuring that wages are paid correctly and on time. They are employed by organisations of all types and sizes.
Chapter Review
Key Terms Checklist Using a pencil, place a
¸in each box to indicate how
well you know and understand each Key Term. q I know and understand this Key Term.
q I am still a bit uncertain about what this Key Term means. q I don’t understand this Key Term yet.
When you revise each chapter, tick the boxes again to indicate how much you have learned.
1. 2. 3. 4.
A payslip is a written calculation of earnings given to an employee listing the amount paid and the amount deducted.
Basic pay is the amount that an employee is paid for a normal working week before any extra payments are added on.
Gross pay is basic pay plus any additional payments such as overtime, commission or bonuses.
q q q q q q q q q
A salary is paid monthly. It is a fixed payment that doesn’t depend on the number of hours worked or the amount of goods produced or sold by the employee in a given period.
