Income Tax

Income tax is a ________ financial charge imposed by the government on individuals' earnings.

• mandatory

• voluntary

• temporary

• optional

Tax is calculated based on total ________ income for the year.

• taxable

• gross

• net

• adjusted

Governments divide income into tax bands, each with a corresponding ________.

• tax rate

• taxpayer

• deduction

• allowance

How many income tax bands are there in the UK?

• 4

• 2

• 5

• 3

Match the tax band to the correct tax rate:

• 45%

• Basic Rate

• 40%

• Higher Rate

• 0% (not taxed)

• Additional Rate

• 20%

• Personal Allowance

Why is understanding Income Tax important?

• It makes you aware of how much you owe.

• It helps you avoid all taxes.

• It guarantees you will never pay taxes.

• It allows you to ignore tax deadlines.

Many filmmaking costs are tax-deductible if they are _______ and directly related to production.

• legitimate

• excessive

• arbitrary

• unrelated

• temporary

Tax-deductible expenses are regular ________ costs.

• business

• personal

• entertainment

• travel

What benefits do National Insurance Contributions (NICs) fund?

• State Pension, sick pay, and unemployment benefits

• Free university education, housing grants, and business loans

• Public transport, road maintenance, and environmental projects

• Foreign aid, military spending, and space exploration