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Topic 12 - Financial Studies
Why has legislation / regulation about minimum wage and maximum working hours been introduced?
What do people who work have to pay?
What do the government use tax and NI contributions for?
Other than earnings from work, what is income tax paid for?
Who sets the amount of tax and NI contribution?
How often is the amount of tax / NI changed?
When does the tax year run?
What happens to people who work or receive income from unearned sources if they pay too little NI / tax
What happens if someone pays too much tax / NI
What is a tax rebate?
What act introduced the national minimum wage? (NMW)
What function does the low pay commission do?
What is the national minimum wage expressed as?
What dates does the NMW apply to?
What age does a person have to be to get minimum wage?
What is the NMW for someone 25+
What is the NMW for someone aged 21-24
What is the NMW for someone aged 18-20
What is the NMW for someone under 18
What is the NMW for apprentices under 19 or in the first year
Are contracts that specify a wage below the minimum wage legally binding?
What exceptions are there to the NMW?
What can workers entitled to minimum wage that aren't receiving it do?
What does the government offer to workers who are in dispute with their employer
Are people on a zero hour contract entitled to NMW?
When are people on zero hour contract entitled to the NMW
Is it illegal for employers to not pay the NMW when workers on zero hour contracts are working on site
In what year was the Working Time Regulations introduced?
What did the Working Time Regulations 1998 specify?
Who do the regulations not apply to?
Where is the working hours, annual leave and rest period set out?
When do people have to pay income tax and NI contribution?
What determines whether a person pays income tax?
When was the income tax introduced and why?
Which is the most recent income tax act?
What is personal allowance and who does it apply to?
Exceptions to personal allowance
How to calculate how much income tax a person owes
What are the income tax rate bands?
What personal savings allowance did the government introduce?
What else do you need to pay income tax on?
When don't people pay income tax on savings interest?
Do basic-rate taxpayers have a personal savings allowance?
What is the higher-rate taxpayers personal savings allowance?
What are Individual Savings Accounts? (ISAs)
Who pays NI contributions
Are young apprentices required to pay NI contributions?
When do you get NI number?
How does the number of years a person has paid NI impact state benefits they can get
How many years do you have to pay NI to be eligible for full state pension?
Who does this disadvantage?
In a new state pension how many years do people have to pay ni contributions?
How much state pension is received per week?
What are the class 1, 2 and 4 contributions
Who are NI contributions and Income Tax paid to?
How are they paid to HMRC?
How do self-employed pay NI and Income Tax?
What does the self-assessment involve?
Under what Act must employers provide employees with details about income tax and NI paid on wages?
What are the three documents involved in PAYE?
What does a payslip show?
How are payslips provided?
How do employers work out how much tax to deduct from employees earnings?
What is the format of a payslip? What is a common tax code?
When does an employer have to issue a P60?
What is the P60?
What do employees use P60 for?
What might they need a p60 for?
Why should people fill in an income tax return?
What does a tax return cover and how can it be completed?
Who calculates tax returns?
What are the deadlines for when HMRC must receive a completed tax return
What are the penalties for missing the deadline for submitting a completed tax return?
How long should people keep their records?
What must self-employed people do?
