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Household Income - Coggle Diagram
Household Income
Payment received
Net pay
take home - amount left after deductions and gross pay
Deductions
Statutory
Compulsory
Examples
PAYE (Pay As You Earn)
PRSI (Pay Related Social Insurance)
USC (Universal Social Charge)
Voluntary
Optional
Examples
Trade Union Membership
Health Insurance
Disposable Income
remaining income
available - spending and saving
Discretionary Income
remaining income - taxes, essential spending
Examples
trip to cinema
holiday
attending sports match
Income calculation
payslip to employees
amounts earned and deducted
Income
Money received by person/coming in household
Employees
Work for employers for payment
Employer
pay another to work for them
Household income
Wages and salaries
income received -
reward work
Jobseeker's Benefit
income received -
unemployment
Pensions
income received -
retired
Child Benefit
income received -
parents of children
Working Family Payment
payment -
workers w. children
extra financial support
low pay
Income from grants
sum of money received specific reason
no repayment
Interest on savings
money received -
savings paying interest
Dividends on shares
portion of company profits
buy share company -
shareholder
owners of company - receive dividends
Windfall income
unexpected payment
Examples
National Lottery
gifts
Regular and irregular income
Regular
fixed payment regularly
guaranteed
Examples
Wages
Pensions
Jobseeker's Benefit
Child Benefit
Salaries
Irregular
not guaranteed
unpredicatable
payment irregularly/payment changes
Examples
Lottery
unexpected
gifts
unexpected
Overtime
extra/outside working hours
Bonus
reward - meeting work targets
Income from employment
Salary
fixed payment
yearly
Wage
fixed payment
weekly/monthly
Time rate
calculate no. hours worked
Overtime
extra/outside
work hours
time and a half
e.g. (€15 x
1.5
)
double time
e.g. (€15 x
2
)