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Getting Paid & Paying Taxes - Coggle Diagram
Getting Paid & Paying Taxes
Getting Paid & Paying Taxes
USC Universal Service Charge
Payroll manages are responsible for ensuring that wages are paid correctly and on time. They are employed by organizations of all types and sizes.
Income Tax is a tax on a person's work earnings.
Deductions - All the items that are deducted of Gross Pay
Income
Spending
Assets
Income Tax- is a tax on a persons work earnings
Bonus Paytments
Commission
PRSI Pay Related Social Insurance
PAYE Pay As You Go
Private Pension
Private Health Insurance
Pay Slips
A Payslip is a written calculation of earnings given to an employee listing the amount paid and the amount deducted
Net Pay
Basic Pay
Gross Pay - When any overtime bonuses or commission payments are added on
Wage - Payment made to an employee
Salary - Paid monthly. It's a fixed payment
Time rate of Pay - Is determined the number of hours worked
Over time - For working extra hours in a week.
Tax Evasion - Is when tax payers illegally avoid paying tax they owe.
Tax Avoidance - Is when tax payees take advantage of the tax system to legally reduce the amount of tax they owe.
Local Property Tax is Paid by owners of residential Propety