Key Words for Income

Income refers to the money, goods or services a household

receives either regularly or irregularly
Benefit-In-Kind is any non-money income received for work
done
Regular income is income received periodically e.g every
week, fortnight or month. We can usually predict how much we
will receive.
Irregular or additional income is any extra income that may
be received. Note that we cannot assume that it will be
received.
Overtime is a payment received for working more than the
required minimum number of hours in a week.
Gross pay is the total income earned by a person.
Deductions from gross pay are sums of money that are taken
by the employer from gross pay.
Net pay is gross pay less all deductions.
Statutory deductions are deductions that must, by law, be
taken from gross wages.
Voluntary deductions are sums of money taken from the
gross wage when the employee instructs the employer to make
payments to a named person or organisation.
PAYE stands for Pay As You Earn.
PRSI stands for Pay Related Social Insurance.
USC stands for Universal Social Charge.
A wage slip is a written explanation of the calculation of an
employees net pay.