Understanding Your Payslip

What does NI stand for?

• National Identity

• National Insurance

• National Income

• National Institute

What does PAYE stand for?

• Pay As You Earn

• Pay And You Enjoy

• Pay After Year End

• Pay As You Exit

What do you call your pay after tax and deductions?

• Gross Pay

• Net Pay

• Basic Pay

• Annual Salary

Name two common deductions from your pay.

• Rent and Utilities

• National Insurance and Income Tax

• Food and Travel

• Entertainment and Savings

Why do all employees have a tax code?

• To identify their favourite colour

• To determine the amount of tax-free income

• To track their work hours

• To calculate their annual leave

What is the purpose of paying into a pension?

• To save for future holidays

• To provide income in retirement

• To pay for current expenses

• To buy a new car

Which of the following are features of a pay slip? (select all that apply)

• Total hours worked

• National Insurance number

• Gross Pay

• Net Pay

• Pension Valuation