Every day we are surrounded by various expressions and words used to talk about money. Apart from ‘salary’, ‘payroll’ and ‘earn a living’, there are a few useful phrases you might need in English:
– ‘gross salary’ is the salary before anything is deducted for contributions and tax
Example: He earns £40 000 a year gross.
– ‘deductions’ are payments made by the employer for an employee to health and pension schemes based on the gross salary
Example: Although my gross salary seems good, after deductions, I haven’t got very much left.
– ‘commission’ is paid to people in sales based on the amounts of goods sold.
Example: I get paid a commission on the deals I negotiate.
– ’taxable b enefit’ is a benefit which is considered as part of your income and therefore included in the income to be declared for tax.
Example: The value of the company car is included in my income. It is a taxable benefit.
– ‘mileage’ can be claimed if you use your own car to travel to another location for your work, it’s reimbursed at a fixed rate per mile travelled to cover the cost.
Example: Some employers believe it is better for the company to pay mileage than provide company cars.
– ‘basic state pension’ is the money paid on retirement to everyone who has paid contributions for the required number of years.
Example: Many people contribute to the state pension fund, but also pay into a private one.
– ‘redundancy pay’ is given if you lose your job and are made redundant.
Example: When Maria lost her job, she used her redundancy pay to set up her own business.
– an ‘itemized pay statement’ contains a detailed breakdown of the pay you have earned and the deductions taken from it.
Example: In order to get a bank loan, you need to give them your itemized pay statements for the last six months.
However, money vocabulary does not need to be so rigid and boring – there are many amusing idiomatic expressions that can be used when referring to finances:
If you bet on the wrong horse, you base your plans on the wrong guess about the results of something.
Example: I put all my money into their shares and it turned out that I made a bet on the wrong horse- the company went bankrupt a week after that.
To cook the books means that somebody illegally changes the information in accounting books, writing down false numbers.
Example: Over the last few years we have witnessed many cases of cooking the books in our state firms.
A fast buck is the money made quickly and easily, very often in a dishonest way.
Example: The company tried to make a fast buck on the recycling deal, but in the end they lost a lot of money.
If somebody has their hand in the till, it means they steal money from a company or an organization.
Example: The director of the company was arrested after being reported to have had his hand in the till when going on a vacation.
The expression money talks means that money opens all doors, giving you power to do what you want.
Example: Sam always gets the best service in restaurants because he is well aware of the fact that money talks, so he keeps a few extra bucks in his pockets to make sure he’ll get what he wants.
Autor: Ljiljana Breulj Štimac