UNIT 6 Taxation and Wage Slips


Business Studies Dictionary ATM Basic pay


Capital Acquisitions Tax


Commission


Corporation tax Customs duties


Deductions


Deposit Interest Retention Tax (DIRT)


Excise duty Direct tax


Employee Employer Gross pay


Indirect tax Liability


Motor tax Net pay


Non-statutory deductions


Overtime


PAYE (Pay As You Earn)


Paypath


Personal Public Service (PPS) Number


Pay Related Social Insurance (PRSI)


Automated teller machine.


Pay is the amount earned by an employee during their normal working hours.


Tax on gifts or inheritance.


Payment is based on a percentage of sales. Tax on companies’ profi ts.


Taxes on imported goods (goods brought into Ireland from country outside of the European Union (EU), e.g. the USA.


Total deductions are statutory (compulsory) deductions plus non-statutory (voluntary) deductions.


Tax on the interest earned on savings. Tax on home-produced goods (goods produced in Ireland).


Tax on income. A progressive tax on the more you earn, the more tax you pay, e.g. PAYE.


A person who works for an employer in return for income. A person or organisation who employs people.


Total money earned before any deductions have been made.


Tax on goods and services. Regressive, everyone pays the same regardless of income.


Something that you must pay or something you owe. Tax on a motor vehicle.


Take-home pay after deductions have been made.


Deductions from pay that are voluntary, i.e. you choose to pay them, e.g. health insurance.


Payment for extra hours worked above basic hours. Income tax.


A system for transferring wages/salaries from the employer’s bank account directly into the employee’s bank account.


Unique identifi er issued by the state for use in any transactions you have with public bodies.


Paid on income/earnings – wages and salary. PRSI is the main source of funding for the government to social welfare payments (Jobseeker’s Benefi t/Allowance).


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