Working out Wages

Damien Donnelly is employed as a manager with Texas Steakhouse Ltd. Hisbasic wage rate is €800 for a 40 hour week. Overtime is paid at time and a half for the first 4 hours and double time in excess of that.

In week No. 18, he worked 50 hours. Damien pays income tax at a rate of 40% and PRSI at 10%. Her annual tax credit is €7280. Each week he pays €18 Trade Union membership, 20 VHI and invests €30 in a pension fund. Both of these are deducted at source by the employer.

(i)State Damien’s Statutory and Non- Statutory Deductions above.

(ii)Outline 3 responsibilities Damien has to his employer. (Need additional info)

(iii)Complete the weekly wage slip below using the blank document provided.

Wage Slip

Name
Week No:
Basic Pay
Overtime
Gross Pay
Tax Credit (just show the figure)
Deductions
PAYE
PRSI
Trade Union
VHI
Pension
Total Deductions
Net Pay

Damien Donnelly is employed as a manager with Texas Steakhouse Ltd. Hisbasic wage rate is €630 for a 30 hour week. Overtime is paid at time and a half for the first 6 hours and double time in excess of that.

In week No. 18, he worked 41 hours. Damien pays income tax at a rate of 40% and PRSI at 10%. Her annual tax credit is €4680. Each week he pays €20 Trade Union membership, €20 VHI and invests €31 in a pension fund. Both of these are deducted at source by the employer.

(iv)Explain the terms gross pay and net pay.

(v)Outline 3 responsibilities of Damien’s employer. (Need additional info)

(vi)Complete the weekly wage slip below using the blank document provided.

Wage Slip

Name
Week No:
Basic Pay
Overtime
Gross Pay
Tax Credit (just show the figure)
Deductions
PAYE
PRSI
Trade Union
VHI
Pension
Total Deductions
Net Pay

Rate of Inflation/ Economic Growth

Formula= Increase/ Year 1 x 100

(i)Price in year 1 was €100, year 2 was €110. Calculate the rate of inflation.

(ii)Price in year 1 was €20, year 2 was €22. Calculate the rate of inflation.

(iii)Calculate the rate of economic growth from the following: Year 1 was €1000, Year 2 was €1020.

(iv)Calculate the rate of economic growth from the following: Year 1 was €100, Year 2 was €102.

National Budget

Debts 60m

Income Tax 100m

Educational Grant 50 m

Corporation Tax 30m

Balance of Trade/Balance of the Current Account

Visible Exports150m

Visible Imports200m

Invisible Exports90m

Invisible Imports110m

Visible Exports180m

Visible Imports220m

Invisible Exports190m

Invisible Imports160m

Foreign Exchange

Bank We Buy 1.20, We Sell 1.10

  • €200 to Dollars
  • €310 to Dollars
  • €180 to Dollars
  • £200 to Euro
  • £10 to Euro
  • £50 to Euro

Example :

200 x 1.10= $220

10/ 1.20 = €8.33

Rate of Inflation/ Economic Growth

Formula= Increase/ Year 1 x 100