Payslip, Salary and Wages

Payment on an hourly, daily, weekly or monthly basis is known as......?

• commission
• wage
• bonus

A fixed amount of money which is paid regularly is know as ....?

• salary
• wage
• fee

An amount based on percentage of sales/performance which is separate from your salary or wage is known as ....?

• bonus
• fee
• commission

A fixed charge for a service is known as ....?

• fee
• commission
• entitlement

A sum of money in addition to salary or wage is known as .....?

• bonus
• commission
• salary

What does PAYE stands for?

• pay as you eat
• pay as you earn
• pay as you go

In what month does the UK tax year end/start again?

• April

• May

• December

What is a P45 and when do you get it?

• P45 is issued to all employees who are in employment on 5th April in any year and have paid tax

• P45 is given to you by your employer when you STOP working for them

What is a P60 and when do you get it?

• —A P60 is issued to all employees who are in employment on the 5th April in any year and have paid tax. A P60 shows a record of your earnings in the last tax year.

• —P60 is given to you by your employer when you STOP working for them. Your P45 shows how much tax you've paid on your salary so far in the tax year (6 April to 5 April).

Which of the following would you expect to be deducted from your PAYE pay slip? (select each correct answer)

• Bonuses

• Income Tax

• National Insurance

• Pension

• Salary