Financial Maths

What does PAYE stand for?

• Pay As You Earn

• Price As You Earn

• Pay As You Spend

• Pay Related Social Insurance

Your Net Income is...

• Earnings before deductions

• Earnings after deductions

• Tax credits

• deductions from your wage

Find Orla's Income Tax if:
Her Gross Pay = €29,400 and Tax Credits = €1,890.

Remember, she is taxed 20%.

• €27,510

• €5,880

• €3,990

• €25,410

Calculate Ian's Net Pay if:

His Gross Pay = €37,000, Tax Credits = €2,100.

Remember he is taxed at 20%.

• €34,900

• €7,400

• €5,300

• €31,700

VAT stands for Value Added...

A meal for 4 people costs €140, before VAT. If VAT is charged at 13.5%, find the total cost of the meal.

• €153.50

• €189

• €158.90

• €121.10

A laptop costs €1,452, including VAT. If VAT is charged at 21%, what was the original price of the laptop?

Hint: 121% = €1,452

• €1,331

• €304.92

• €1,200

• €1,431

Tick the deductions below which are statutory deductions

• Health Insurance

• PRSI

• USC

• Life Insurance