Enterprise: Strand 1


Key Terms/Summary


Taxation: Required payment set by the government, used to run the country, and paid by the citizens of the country. Tax is collected by Revenue.


Tax evasion: Failure to pay tax bill (liability) or not declaring all of income. This is illegal. Anyone who is found to be evading tax will have to pay the tax bill, interest on the bill and any other penalties. They could also be named in the national papers.


Direct taxation: Any tax that is based on income (money earned). When the amount of the tax increases as income increases (the more earned, the more tax paid), it is also called a progressive tax.


Indirect taxation: Any tax on goods and services bought. Indirect taxes are also regressive taxes as the rate of tax is the same regardless of the income.


Tax avoidance: Legally finding loopholes in the tax system to reduce the tax bill (liability). For example, individuals and households can reduce the amount of tax they have to pay by claiming tax credits.


Gross pay: Basic income plus overtime/ commissions.


Net pay: Gross pay less deductions. Deductions are divided into statutory (no choice) and non- statutory (there is a choice).


Basic pay: • Time rate: paid by time


• Piece rate: paid by products made


• Commission: % of sales


• Overtime: usually at time and a half or double time.


Tax credit: Reduces tax liability. Tax credits are given to employees depending on their circumstances, e.g. if you are married you receive a credit allowance. These are deducted from PAYE.


Statutory deductions: Payment which must be paid by law, e.g. taxes:


PAYE PRSI USC


Non-statutory deductions: Voluntary payments which the employee pays by choice.


• Health insurance • Trade union fees • Pension


Wage slip: This is compulsory and must be provided by the employer when paying wages. A record of pay, e.g. hours worked/payment/ tax liability/tax credits/ statutory and non-statutory deductions.


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