Flashcards in 2:4 National Insurance Contributions Deck (5)
When was National insurance introduced and what for?
To provide for the NHS and welfare benefits, pensions and sick pay which are now funded out of the general taxation
Originally a flat line and regressive but now more progressive
What is the difference between income tac and NIC
NIC is payable for the period worked and not the tax year
At what % are earnings above the upper earnings limit taxed at?
What to do when an employee is a director?
Calculate the annual earnings threshold while taking into account any bonuses