Finances and Budgeting (Junior Cert Home Economics): Flashcards

Money received regularly (weekly, fortnightly, or monthly)

Paid weekly; amount depends on hours worked

Paid monthly or fortnightly; fixed amount

For unemployed; €112.70/week for ages 18-24

For those unable to work due to illness or disability; €203/week

Total pay before deductions

Pay after deductions (take-home pay)

Compulsory deductions that must be paid

Tax on earnings to fund public services (schools, hospitals)

Pay Related Social Insurance; funds social benefits

Universal Social Charge; to help economy recover

Paid by choice (e.g. health insurance, private pension)

Must be paid for (e.g. mortgage/rent, food, electricity)

Desired but not necessary (e.g. holidays, meals out)