The document that an employer has to provide when you leave a job so that the right amount of tax can be deducted from your earnings.
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P60
A summary of your pay and the tax deducted from it over the tax year, issued at the end of the financial year (April)
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Essential spending
Key things that you must have in order to live! Housing (mortgage/rent), Food and drink, Clothes, Money, Fuel,Electirc, water/heating
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Non-Essential spending
Life luxuries, cigarettes, alcohol, cars, sports, holidays, education. These are the things that people can live without.
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Wage
A wage is a compensation, usually financial, recieved be workers in exchange for their labour. Most people earn wages for a living, but there are several different types.
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Salary
A salary is a form of periodic payement from an employer to an employee, which may be specific in an employement contract. This is normally annually.
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Commission
Payement of ten will be calculated on the basic of a percentage of the goods sold.
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Piece Work
Describes types of employement in which a worker is paid a fixed from each unit produced or action peformed.
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Fees
A fee is the price someone pays for a servide. Traditionally, professionals in Great Britian recieved a fee extra to a payement salary or wage.
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Bonus
The word bonus rfers to extra pay du to good perfomance.
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Methods of payement
Cheque, cash, direct to bank/ building society.
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Gross pay
is the amount of wages or salary that is paid by an employer to an employee.
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Net pay
is the amount of money which someone actually takes home after all of the deductions, voluntary contributions and forth are taken out of his/her gross pay, the amount the employee earned.
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Income tax
is a tax levied on the income of individuals or businesses. Various tax systems exist, with varying degrees of tax incidence.
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PAYE (Pay as you earn)
is an amount collected by employers on behalf of the government from emplyees.
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National insurance
is a system of contributions paid by workers and employers, towards the cost of certain state benefits.
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Trade unions
is an organisation of workers who have banded together to achieve common goals such as protecting the intergrity of its trade, achieving higher pay, increasing the number of employees an employer hires and better working conditions.
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Super annutaion
Regualr payement made into a fund by an employee towards a future pension.
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Other cards in this set
Card 2
Front
A summary of your pay and the tax deducted from it over the tax year, issued at the end of the financial year (April)
Back
P60
Card 3
Front
Key things that you must have in order to live! Housing (mortgage/rent), Food and drink, Clothes, Money, Fuel,Electirc, water/heating
Back
Card 4
Front
Life luxuries, cigarettes, alcohol, cars, sports, holidays, education. These are the things that people can live without.
Back
Card 5
Front
A wage is a compensation, usually financial, recieved be workers in exchange for their labour. Most people earn wages for a living, but there are several different types.
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