Welcome to the Income Page
Income is defined as any receipt of wealth. There are three types of income:
1. Regular Income
This is income which is received on a regular basis, for example wages, child benefit, social welfare, pension, etc.
2. Irregular Income
This is income which is received every now and again, or where the amount varies, for example overtime payments, bonus, commission, etc.
This is non-monetary income for example company car, free travel, free lunches, etc.
Pay Related Social Insurance. This is a statutory deduction which must be taken from your wage slip and given to the government.
Pay As You Earn. Is another statutory deduction which is taken out of your gross pay and is part of the governments overall income. All employees should be able to calculator there P.A.Y.E.
The Universal Social Charge is a new tax and was introduced in the 2011 National Budget. The USC is payable by every employee in the country.