Management of Household Financial Resources (Leaving Cert Home Economics): Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Two categories of pay deductions
Two categories of pay deductions
Compulsory (must pay) & voluntary (choose to pay)
PAYE stands for
PAYE stands for
Pay As You Earn
PAYE system function
PAYE system function
Collects income tax directly from workers' wages
Progressive taxation meaning
Progressive taxation meaning
Tax rates increase as income rises
PRSI stands for
PRSI stands for
Pay Related Social Insurance
PRSI contributions go to
PRSI contributions go to
Social Insurance Fund
Four benefits from PRSI
Four benefits from PRSI
Jobseeker's, illness, maternity benefit & state pension
Private health insurance benefits
Private health insurance benefits
Faster access, private rooms, additional treatments
Employer pension matching means
Employer pension matching means
Employer contributes extra money matching your pension payment
Union membership provides
Union membership provides
Legal advice, professional development, collective bargaining
Workplace savings schemes purpose
Workplace savings schemes purpose
Build emergency fund or save for purchases
Payroll loan repayment benefit
Payroll loan repayment benefit
Never miss a payment, maintains credit rating
Who deducts compulsory deductions
Who deducts compulsory deductions
Employer automatically removes before paying you