Unit 2 : Personal Finance Flashcards
(23 cards)
What does BAC stand for?
Bankers automated cleaning services
What does CHQ stand for?
Cheque payment
What does POS stand for?
Point of sale/ Debit card Transaction
What does D|D stand for?
Direct debit
What does ATM stand for?
Automated Teller Machine
What does S/O stand for?
Standing order
What does DPC stand for?
Direct baking by PC
How much is personal allowance?
12,570
Basic rate (20%) equal how much taxable income?
Up to 37,700
Meaning when working out income tax you times by 0.2
Higher tax rate (40%) equal how much taxable income?
Above £37,700 to £150,000
- this means when working out income tax you times the 37,700 by 0.2 and then rest by 0.4
Additional tax rate (45%) equals how much taxable income?
Over £150,000
National insurance tax percentage for anything below 37,700?
12%
This means times the amount by 0.12 to figure out national insurance
National insurance percentage of income above 50,270?
2%
Times by 0.2 after 0.12
How to figure out an increase multipliers?
Time 1.—-
E.g an increase of 34% times by 1.34
How to figure out a decrease multiplier?
100% - ?% = ?
Then 0.66
What is the yearly threshold?
The minimum amount you need to earn to start paying back student loans
Student loans are…
Tuition fee and living costs which is based of parents income/lifestyle
What percentage do you pay back of your income over the threshold
9% only allowed to pay back yearly
How many plans of students loans are there?
5
Plan 1 interest?
4.3%
Plan 2 interest?
4.3% to 7.3%
Plan 4 interest
4.3%
Plan 5 interest?
4.3%
