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Indicate with a tick (✓) whether each of the following statements is true or false - Leaving Cert Home Economics - Question 12 - 2022

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Question 12

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Indicate with a tick (✓) whether each of the following statements is true or false. Pay as you earn (PAYE) is income tax taken from a person’s gross pay Pay Relate... show full transcript

Worked Solution & Example Answer:Indicate with a tick (✓) whether each of the following statements is true or false - Leaving Cert Home Economics - Question 12 - 2022

Step 1

Pay as you earn (PAYE) is income tax taken from a person’s gross pay

96%

114 rated

Answer

True. PAYE is indeed the income tax deducted directly from an employee's gross pay by the employer.

Step 2

Pay Related Social Insurance (PRSI) is a compulsory deduction paid by employers and employees

99%

104 rated

Answer

True. PRSI is a mandatory contribution towards social insurance, and both employers and employees are required to pay it.

Step 3

Net income is money earned before any deductions are made

96%

101 rated

Answer

False. Net income refers to the amount earned after all deductions, such as taxes and social insurance contributions, have been subtracted from gross pay.

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