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Worksheets3 - Income and tax
Total questions: 22
Worksheet time: 11mins
Income is...
money received
money paid
as a result of work
on a regular basis
occasionally
Salary is paid...
Weekly, fixed
Weekly, variable
Monthly, fixed
Monthly, variable
Wages are paid...
Weekly, fixed
Weekly, variable
Monthly, fixed
Monthly, variable
Employers must pay the National Minimum Wage, published by the government.
Yes
Yes, but there are some exepmtions
No
It is not legally binding
Pay before any deductions is known as...
Cumulative Pay
Total Pay
Gross Pay
Net Pay
Pay after any deductions such as tax, national insurance & pension is known as...
Cumulative Pay
Total Pay
Gross Pay
Net Pay
Your tax code determines how much tax you pay.
True
False
Income remaining after deduction of taxes and other essential spending, available to be spent or saved as one wishes is known as...
Discardable Income
Disposable Income
Development Income
Deductable Income
A tax levied on profit from the sale of property or an investment.
Council Tax
Stamp Duty
Inheritance Tax
Capital Gains Tax
Corporation Tax
Paid when a person's estate is worth more than £325,000 when they die - exemptions for passing on property.
Council Tax
Stamp Duty
Inheritance Tax
Capital Gains Tax
Corporation Tax
A tax levied on companies' profits.
Council Tax
Stamp Duty
Inheritance Tax
Capital Gains Tax
Corporation Tax
The tax placed on legal documents usually in the transfer of assets or property.
Council Tax
Stamp Duty
Inheritance Tax
Capital Gains Tax
Corporation Tax
A tax levied on households by local authorities in Britain, based on the estimated value of a property and the number of people living in it.
Council Tax
Stamp Duty
Inheritance Tax
Capital Gains Tax
Corporation Tax
The tax applied at the point of sale of goods and services in the UK is known as...
Income Tax
Sales Tax
Value Added Tax
Purchasing Tax
VAT is charged on most good and services we buy at a standard rate of:
5%
10%
17.5%
20%
Standard rate income tax is:
10%
20%
40%
45%
Higher rate income tax is:
10%
20%
40%
45%
Additional rate income tax is:
10%
20%
40%
45%
Margaret is a part time worker earning below the income tax threshold of £12,570. How much tax will she pay?
0%
10%
20%
40%
The tax free allowance is £12,570. George earns £20,000 per year. How much of his income will be subject to tax?
£7,430
£12,570
£20,000
£0
A low paid part time worker is most likely to be concerned with...
An increase in the tax free allowance
An increase in the basic rate of tax
An increase in the higher rate of tax
A decrease in the additional rate of tax
A highly paid executive is most likely to be concerned with...
An increase in the tax free allowance
An increase in the basic rate of tax
An increase in the higher rate of tax
A decrease in the additional rate of tax
