5728848
Description
Mind Map by Jaiden Butch, updated more than 1 year ago
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Created by Jaiden Butch
over 8 years ago
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Pay and Deductions
- Payment methods
- There is a thing called
salery which is what you
get yearly like someone
could have a sallary of
£22,000 a year or maybe
even £90,000 a year.
- Sometimes people get
paid at an hourly rate,
this is usually for part
time jobs. Someone
might have a hourly rate
of £10 an hour or if you
had a good job maybe
even £20 an hour. (which
when you add this up it
is quite a bit)
- There is a thing called
salery which is what you
get yearly like someone
could have a sallary of
£22,000 a year or maybe
even £90,000 a year.
- Taxes
- Income tax is where you have to
pay a percentage of what you get
to the goverment, the amount of
tax you have to pay detmains on
how much you earn. Up to £11,000
= 0%.. £11,000 to £43,000 = 20%...
£43,001 to £150,000 = 40%.. over
£150,000 = 45%
- National Insurance is the tax that
you have to pay, this is to fund the
NHS. To keep it up and running.
This is about 15% of your income.
- There is optional payments as
well, you can invest in like
Extra pension and child care
tax, also charity would count
as well.
- Income tax is where you have to
pay a percentage of what you get
to the goverment, the amount of
tax you have to pay detmains on
how much you earn. Up to £11,000
= 0%.. £11,000 to £43,000 = 20%...
£43,001 to £150,000 = 40%.. over
£150,000 = 45%
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