Understanding Personal Taxes

What is a compulsory payment to Government charged on income, business profits or added to the cost of goods and services?

• Tax

• Tax Liability

• Tax Avoidance

• Tax Evasion

What is the responsibility of each person regarding tax?

• To pay the correct tax

• To avoid tax

• To evade tax

• To ignore tax

What is a legal way of reducing the amount of tax that you must pay?

• Tax Avoidance

• Tax Evasion

• Tax Liability

• Tax Credit

What is the tax that is paid by self-employed individuals?

• Self-Assessment Income Tax

• PAYE

• Universal Social Charge

• Value Added Tax

What is the tax that is paid on property?

• Local Property Tax

• Stamp Duty

• Motor Tax

• Capital Gains Tax

What is the tax on profits earned from the sale of assets and investments?

• Capital Gains Tax

• Capital Acquisition Tax

• Excise Duties

• Custom Duty

What is the percentage of tax that is levied on your income?

• Tax Rate

• Tax Credit

• Gross Pay

• Net Pay

What is the amount by which your tax bill will be reduced?

• Tax Credit

• Tax Rate

• Deductions

• Net Pay

What is the tax that is calculated, collected and sent to revenue by the Bank?

• DIRT

• PAYE

• Excise Duty

• Custom Duty

What happens to households if taxes were to be abolished?

• Households would have more disposable income

• Households would have less disposable income

• Households would have to pay for services

• Both A and C