Pay and Deductions

Payment methods
1. 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.
2. 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)
Taxes
1. 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%
2. 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.
3. There is optional payments as well, you can invest in like Extra pension and child care tax, also charity would count as well.

Resource summary

	Created by Jaiden Butch over 8 years ago