Taxation and Wages/Payslips

Vat is a tax on goods and services.

• True

• False

Finish the term off: Standard Rate Cut Off

(a)  

Taxes are compulsory payments from the government to the people

• True

• False

Pay As You

(a)  

Direct Tax is paid on income as it is earned

• True

• False

Regressive Tax is paid on income as it is spent

• True

• False

Cycle to work scheme, health insurance and income tax are all forms of deductions

• True

• False

Net Pay = Gross Pay -

(a)  

What is this: Fixed payment to employees that does not rely on hours worked

• Salary

• Wage

Which of these are reasons why we have to pay tax?

• Financial

• Ethical

• Social

• Legal

• All 4