Taxation

Question 1

What is usc

Answer 1

Universal social charge
Tax on total income

Question 2

What does paye stand for

Answer 2

Pay as u earn
Tax on total income

Question 3

What does prsi stand for

Answer 3

Pay related social insurance
% of wages payed to government
Used to provide social welfare benefits e.g maternity leave

Question 4

Excise duty

Answer 4

Tax on products to reduce the use of them e.g alcohol and cigarettes

Question 5

CAT

Answer 5

Capital acquisitions tax
Tax on gifts and inheritance e.g Money Left in a will

Question 6

VAT

Answer 6

Value added tax
Tax on consumers spending goods and services

Question 7

DIRT

Answer 7

Deposit interest retention tax
Tax on interest on savings
Deducted by bank

Question 8

Corporation tax

Answer 8

Tax on the profit of a company

Question 9

TAX

Answer 9

The money that individuals and businesses in a country pay to the government

Question 10

Direct tax

Answer 10

Tax on income or profit

Question 11

Indirect tax

Answer 11

Tax on goods and services

Question 12

Statory

Answer 12

Must be payed but the law e.g paye

Question 13

Non statory

Answer 13

Valiantly deductions taken from gross pay e.g private pensions

Question 14

Tax avoidance

Answer 14

Reducing the amount of tax owed on income using LEGAL methods

Question 15

Tax evasion

Answer 15

ILLEGALY not paying tax

Question 16

CGT

Answer 16

Capital gains tax
Tax on profits made on a sale of a assist