- Sets out:
- Terms of employment.
- Rates of pay.
- Duties.
- Starting date.
METHODS OF CALCULATING WAGES 1. Time Rate - Paid by the hour.
- Clock in & clock out.
- Paid for the amount of items produced or work done.
3. Commission - Basic wage plus a percentage of sales.
METHODS OF PAYING WAGES 1. Cash - Quick.
- Convenient.
- Unsafe.
2. Cheque - Record of payment.
- Slow: must change into cash.
- Reduce impulse buying.
3. Paypath - Wages is paid directly into your bank account.
- Quick, safe.
- Reduces impulse buying.
- Non money income.
- Examples include:
- Company car or mobile phone
- Subsidised meals………
Total cost of employing staff Government uses PAYE to: - Pay wages of teachers, doctors, nurses
- Improve roads, hospitals, schools
- Provide Public Utilities: libraries, dumps
Government use PRSI to - Pay social welfare payments such as,
- Job seekers allowance, Old Age Pesion
- Maternity Benefit or Sickness Benefit,
- Family Income Supplement (FIS)
- Standard Rate of Tax
- Is the lower rate of tax
- Standard Rate Cut-off point
- Is the amount that you can earn before you pay the high rate of tax.
- Tax Credit
- Is the amount that is subtracted from the tax you have to pay.
- It reduces the amount of tax you have to pay.
Statutory Deductions
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