In the context of business, what do the following letters stand for?
Write your answers in the spaces provided - Leaving Cert Business - Question 3 - 2019
Question 3
In the context of business, what do the following letters stand for?
Write your answers in the spaces provided.
PAYE
USC
PRSI
DIRT
CGT
Worked Solution & Example Answer:In the context of business, what do the following letters stand for?
Write your answers in the spaces provided - Leaving Cert Business - Question 3 - 2019
Step 1
PAYE: What does this stand for?
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Answer
PAYE stands for 'Pay As You Earn'. This is a taxation system where income tax is deducted from employees' salaries before they receive their pay.
Step 2
USC: What does this stand for?
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Answer
USC stands for 'Universal Social Charge'. It is a tax charged on gross income, applied at various rates depending on the income level.
Step 3
PRSI: What does this stand for?
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Answer
PRSI stands for 'Pay Related Social Insurance'. This scheme is designed to provide social welfare benefits and is funded through contributions from employees and employers.
Step 4
DIRT: What does this stand for?
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Answer
DIRT stands for 'Deposit Interest Retention Tax'. This is a tax applied to the interest earned on deposits in banks and financial institutions.
Step 5
CGT: What does this stand for?
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Answer
CGT stands for 'Capital Gains Tax'. This tax is levied on the profit made from the sale of an asset, such as property or stocks.
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