Preperation for Working Life

Tax code

A tax code is used by your employer or pension provider to calculate the amount of tax to deduct from your pay or pension. If you have the wrong tax code you could end up paying too much or too little tax.

Net Pay

The net pay is the amount you are allowed to receive once you deposit the paycheck.
This is less the deductions from the gross pay.

Gross Pay

The total gross pay is the nice amount you see you have earned for the paycheck. It is dated from the previous paycheck to this paycheck. It is normally in a column which lists the gross amount for each and every paycheck you receive

Redundant

When you are made redundant you are excused from your job and made jobless.

P60

In the UK, the P60 form is issued by employers to each of their employees to detail the employees' taxable income and deductions made by PAYE (both for income tax and National Insurance contributions) for that year.

P45

A P45 is issued by the employer when an employee leaves. It is a multipart form.

PAYE

Pay as you earn or PAYE refers to a system of withholding of income tax from payments to employees.

Superannuation

The terms retirement plan or superannuation refer to a pension granted upon retirement. Retirement plans may be set up by employers, insurance companies and a few others.

National Insurance

You pay National Insurance contributions if you're an employee or self-employed and you're aged 16 and over, as long as your earnings are more than a certain level.

Rebate (linked with tax)

A rebate is when a mistake is made and you pay to much or not enough tax so you have a rebate and have some paid back to you or you have to may more tax.

Commission

a committee or advisory body created by Royal Warrant to conduct a special enquiry; in the United States, a committee, advisory board, or governmental department.

Non-Compulsory Deduction

a voluntary contribution from one's income tax for a specific purpose, as the public financing of election campaigns, made by checking off the appropriate box on a tax return.

Compulsory Deduction

Compulsory deductions include Employment Insurance, Canada Pension Plan, and Income Tax

Bonus

The word Bonus refers to extra pay due to good performance.

Pension

A pension is simply a form of saving for retirement that has generous tax benefits. The money you save in a pension builds up into a pot which is invested and when you elect to take your benefits the pot is used to pay a regular taxable income for life. You can also choose a lump sum payment and a reduced pension if you wish.

Minerals

Minerals are in lots of foods but are especially in fresh fruit and vegetables.

Fat

You find them in dairy products, red meats, some poultry and fish.

Vitamin A helps with

Vitamins are good for keeping your body healthy. They are good for your skin, bones and teeth.

Vitamin C helps with

Vitamins are good for keeping your body healthy. They are good for your skin, bones and teeth.

Carbohydrate

You find them in sugary and starchy foods like potatoes, rice, cereals, pasta, bread and somefruit and vegetables.

Fibre

You find fibre in lots of food like cereals, fruit, bread and vegetables

Protein

You find them in meats, poultry, fish, dairy products, eggs and beans.

Iron

Iron is an essential mineral used to transport oxygen to all parts of the body.

Fixed term working

Fixed-term workers have the same minimum rights as permanent workers. Find out what a fixed-term contract is and what extra protection there is for fixed-term employees.

Contract Work

All employees have an employment contract with their employer, although it might not be in writing. If you don’t have a written employment contract, your contract would have automatically been created when you started to work for your employer.

Voluntary working

Volunteering is generally considered an altruistic activity, intended to promote good or improve human quality of life, but people also volunteer for their own skill development, to meet others, to make contacts for possible employment, to have fun, and a variety of other reasons that could be considered self-serving.

Short-term contract

Employers may employ employees on a series of short term contracts, usually lasting for about a year, but always less than one or two years, to try to avoid the employee gaining employment rights. They may also employ the employee only during a particular season, for example, during the summer to pick fruit, but the employee may be expected to go back and work for that employer each year during that season.

Part-time working

Working part time can be a good way of balancing your work and your personal commitments. If you work part time, you have the right to be treated fairly in comparison to your full-time colleagues.

Referees

A referee is the person of authority, in a variety of sports, who is responsible for presiding over the game from a neutral point of view and making on the fly decisions that enforce the rules of the sport.

Employees

Employment is a contract between two parties, one being the employer and the other being the employee.

Employers

An employer is a person or institution that hires employees or workers. Employers offer wages or a salary to the workers in exchange for the worker's work or labour.