UNIT 6 Taxation and Wage Slips 3 Wage Slips


We will now look at how to calculate the tax that a worker (employee) has to pay. This is called a personal tax liability. Individuals who work are called employees. Employees earn a wage or salary.


A wage is payment for the number of hours worked or the quantity of goods produced in a week/ month.


A salary is a fixed payment per year which is paid weekly/fortnightly/monthly.


When they receive their wage/salary they must receive a wage slip. A wage slip (or payslip) is a record of pay, e.g. hours worked/payment/tax liability/tax credits/statuory and non-statutory deductions.


Sample Wage Slip


1. • Name of employee • Employee’s PPSN • The date the


payment was made


• The week of the year


2. Basic pay plus extra income earned such as commission/bonuses/ overtime, etc.


3. Gross pay is payment before any deductions (such as taxes) are taken away. In this case, it’s €1,200.


4. Total deductions


a) Statutory deductions: payment which must be paid by law, e.g. taxes PAYE PRSI USC


b) Non-statutory deductions (voluntary): payments which the employee pays by choice. • Health insurance • Trade union fees • Pension


Point of Information


Personal Public Service Number (PPSN), e.g. PPS no. 85674952B. Every employee has a unique PPSN which is used by Revenue and other government departments. A PPS number is allocated to you when you are born.


P. 82 Wage Slip


Employee name: Allen Curran PPS No: 1234567G


Earnings


Basic wage Commission


Date: 4 March 2024 Week No. 10 Deductions


1,000 PAYE 200 PRSI USC


Health insurance Union fees Pension


Total Deductions Gross Pay 1,200 Net Pay €736


5. Net pay (also known as ‘take- home pay’) is the money that the employee (worker) takes home after all deductions are taken away. In this case, it’s €736.


Net pay = Gross pay – deductions Know It!


Go to page 82 in the activity book to


practise wage slips.


• Gross pay • Time rate • Piece rate • Overtime • Commission


240 36 6


150 12 20


464


115


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