Name two voluntary deductions that can be taken from an employee’s gross income - Junior Cycle Home Economics - Question 8 - 2007
Question 8
Name two voluntary deductions that can be taken from an employee’s gross income.
(i)
(ii)
Worked Solution & Example Answer:Name two voluntary deductions that can be taken from an employee’s gross income - Junior Cycle Home Economics - Question 8 - 2007
Step 1
(i) Name a voluntary deduction
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Answer
One common voluntary deduction is health insurance. Employees can opt to have health insurance premiums deducted from their gross income. Examples of health insurance providers include Bupa, VHI, VIVAS, and Quinn Health.
Step 2
(ii) Name another voluntary deduction
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Answer
Another voluntary deduction could be pension payments. Employees often contribute to pension schemes, thus allowing funds to be deducted from their gross income to secure their financial future. Other examples include savings contributions and union subscriptions.
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