Payslips Flashcards
1
Q
What is a wage?
A
Paid weekly on a hourly fixed rate pay Usually manual workers Can be paid overtime work completed may determine pay Receive bonuses
2
Q
What is a salary?
A
Based on an annual rate of pay divided into twelve monthly payments
Mostly non-manual workers
paid by auto transfer
Wont be paid overtime. Sometimes share commission or profits
Performance related pay is common for the private sector staff
3
Q
What is gross pay?
A
Basic pay plus any additional payments
4
Q
What does income tax PAYE go towards?
A
Pays for defence, unemployment benefits, roads etc
Statuary deduction
5
Q
What does National Insurance tax go towards?
A
NHS, state pension etc
Statuary deduction
6
Q
What is a superannuation?
A
Pays for a private pension
Voluntary deduction
7
Q
What is the net pay?
A
Your ‘take home’ pay after deductions
8
Q
What determines the amount you are paid?
A
> the national minimum wage
supply and demand
hierarchy of the job
