1. Unit 2 Topic 8 #valleyifs @ Kahoot
Pay and tax
Unit 2 Topic 8
Kahoot

2. Pay and tax No. Question A B C Ans 1
What age do you have to be to start paying National Insurance? 16 18 21 2
When should a self-employed person’s self-assessment form be completed by?
January 31
July 31
October 31 3
What type of national insurance do employees pay?
Class 1
Class 2
Class 4 4
A form P45 is given to each employee by their employer at the end of the tax year. It is an official document that shows the final tax code.
True
False 5
If your tax code was 1100L, how much would you earn before paying tax?
£1100
£11,000
£11,500 6
What percentage do additional-rate taxpayers pay tax on savings income?
20%
40%
45% 7
What are the main three types of income? [3] 8
List the three income tax bands and their percentages [3] 9
What is name of the system that employees are taxed under and what does it involve? [2] 10
What is meant by the term ‘personal allowance’? [3]

3. Answers No. Question A B C 1
What age do you have to be to start paying National Insurance? 16 18 21 2
When should a self-employed person’s self-assessment form be completed by?
January 31
July 31
October 31 3
What type of national insurance do employees pay?
Class 1
Class 2
Class 4 4
A form P45 is given to each employee by their employer at the end of the tax year. It is an official document that shows the final tax code.
True
False 5
If your tax code was 1100L, how much would you earn before paying tax?
£1,100
£11,000
£11,500 6
What percentage do additional-rate taxpayers pay tax on savings income?
20%
40%
45% 7
What are the main three types of income? [3]
Marks awarded for any three correct points
Earned
Savings
Investment
Rental 8
List the three income tax bands and their percentages [3]
Marks awarded for correct tax band name and percentage
Basic rate = 20% [1]
Higher rate = 40% [1]
Additional rate = 45% [1] 9
What is name of the system that employees are taxed under and what does it involve? [2]
Marks awarded for correct system name and description
Pay as you earn or PAYE [1]
The employer must deduct the right amount of income tax from the employee’s pay and send it to HMRC each time the employee is paid [1] 10
What is meant by the term ‘personal allowance’? [3]
Marks awarded for three correct points
every individual is allowed to receive a certain amount of income before they have to pay tax [1]
There is a standard allowance that applies to most people [1]
Some people have a different personal allowance because of their circumstances [1]
Answers

4. Task
Go to the IFS website and take a look at the topic test for topic 8 to further revision the main points. Make revision materials. 10 minutes

5. Benefits in kind HMRC Net Income P45 P60 Turnover
Key Terms for Topic 8
Benefits in kind HMRC Net Income P45 P60 Turnover
On your whiteboards or books, write down a definitions for these key terms. EXT: Can you give examples of each? 5 minutes
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6. Answers
Net income – what we have left after income tax and NI have been deducted; what we have available to spend.
P60 – the form all employees receive at the end of the tax year, telling
them how much they were paid and how much tax was deducted.
Benefits in kind – certain benefits, given to an employee by an employer,
which are treated as income.
P45 – the form that employees receive when they change jobs. It states how much they earned and how much tax they paid in their last job.
Turnover – in business terms, total income for the tax year.
HMRC – Her Majesty’s Revenue & Customs.

7. GCSE IFS Finance – Unit 2 Topic 8
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GCSE IFS Finance – Unit 2 Topic 8