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Income Tax And National Insurance Flashcards

(7 cards)

1
Q

What is income tax?

A

The charge on personal income paid to the government

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2
Q

What is your personal allowance?

A

The amount of tax free income you are allowed each year.
£12,570/PA

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3
Q

What is gross pay?

A

The total amount you earn before any deductions

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4
Q

What is net pay?

A

The total amount of money you take home after all deductions have been made.

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5
Q

What are the tax bands?

A

20% up to £37,700
40% from £37,700 - £125,140
45% above £125,140

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6
Q

What is National insurance?

A
  • National insurance is a tax taken from your earnings that help to build your entitlement to certain benefits eg. State pension.
  • you begin to pay NI from 16 and end at retirement age, even if you continue working
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7
Q

What are the tax bands for NI?

A

0% up until £12,570
12% from £12,570 to £50,270
2% above £50,270

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