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@EducateCareers To receive fortnightly career resources please ‘opt in’ to Click icons for links to…
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What is income tax? @EducateCareers Question 1 A B
A proportion of the money you earn that must be paid to the Government. Money paid by large businesses from the money they make. C D A proportion of the money you earn that must be paid back to the workplace. Money you are given by the Government for working.
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What is income tax? @EducateCareers Question 1 A
A proportion of the money you earn that must be paid to the Government. When you earn money the Government require you to pay a proportion of your salary to them as tax. This money is then spent on things across the country.
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@EducateCareers Question 2 The Government only take income tax once your annual salary is above a certain amount. What does it need to be above? A B £5,000 per year £11,000 per year C D £25,000 per year £35,000 per year
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@EducateCareers Question 2 The Government only take income tax once your annual salary is above a certain amount. What does it need to be above? B £11,000 per year You don’t pay any income tax until you earn above £11,000 a year. This is known as a ‘personal allowance’.
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@EducateCareers Question 3 If you earn between £11,001 and £43,000 in a year what percentage of income tax do you pay? A B 5% 10% C D 15% 20%
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@EducateCareers Question 3 If you earn between £11,001 and £43,000 in a year what percentage of income tax do you pay? D 20% You only pay 20% income tax on anything above £11,000. For example: if you earn £15,000 in a year you would pay 20% on £4,000. This would be £800 income tax.
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@EducateCareers Question 4 If you earn between £43,001 and £150,000 in a year what percentage of income tax do you pay? A B 10% 20% C D 30% 40%
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@EducateCareers Question 4 If you earn between £43,001 and £150,000 in a year what percentage of income tax do you pay? D 40% You would still pay 20% income tax on anything between £11,000 and £43,000 and then 40% on anything between £43,001 and £150,000.
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@EducateCareers Question 5 If you earn £150,000 in a year what percentage of income tax do you pay? A B 25% 35% C D 45% 55%
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@EducateCareers Question 5 If you earn £150,000 in a year what percentage of income tax do you pay? C 45% You would still pay 20% income tax on anything between £11,000 and £43,000 and then 40% on anything between £43,001 and £150,000 and then 45% on anything above £150,000.
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@EducateCareers Question 6 A B Defence Education C D Transport
All the income tax goes to the Government. What does the Government spend this money on? (you can select more than one) A B Defence Education C D Transport Public Order E F Health International Aid G H Housing Welfare and Benefits
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@EducateCareers Question 6 A B Defence Education C D Transport
All the income tax goes to the Government. What does the Government spend this money on? (you can select more than one) A B Defence Education C D Transport Public Order E F Health International Aid G H Housing Welfare and Benefits All of them!
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@EducateCareers Round 1
Imagine you were spending £100 of the Government’s money. How would you divide it across the 9 different departments? You must fund every department with at least £1. Round 2 Due to budget cuts you now only have £70 to spend. How would you divide it this time? You must still fund each department with at least £1.
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@EducateCareers This is how the Government actually divides £100 (it’s rounded up so totals £101). The chart below shows how welfare and benefits are funded. The single biggest expense for the Government is paying for pensions.
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