Ch 10- Getting Paid & Paying Taxes

Question 1

Name 2 examples of taxes on income

Answer 1

Income tax 
Universal Social Charge (USC)
Pay related social insurance (PRSI)
Deposit Interest Retention Tax (DIRT)
Capital Gains Tax
Capital Acquisitions tax

Question 2

What is income tax?

Answer 2

Tax on a persons earnings

Question 3

What is PAYE?

Answer 3

The Irish system that collects income tax from employees gross pay

Question 4

What is PRSI?

Answer 4

compulsory insurance payments to the State, for social welfare benefits e.g. Jobseekers benefit, pension

Question 5

What is DIRT?

Answer 5

tax on interest paid on bank, building society and credit union saving accounts

Question 6

What is Capital Gains tax?

Answer 6

tax paid on profits of the sale or disposal of an asset e.g. investment property shares

Question 7

What is Capital Acquisitions tax?

Answer 7

tax paid by those recieving gifts and inheritances e.g. land, money.

Question 8

Name 2 examples of taxes on spending

Answer 8

Value Added Tax (VAT)
Excise duties
Customs Duties

Question 9

What is VAT?

Answer 9

tax added to the price of most goods and services

Question 10

What is Excise duties?

Answer 10

Taxes added to the price of certain goods e.g. alcohol, tobacco, petrol

Question 11

Name 2 examples of taxes on assets

Answer 11

Local Property Tax

Motor tax

Question 12

What is Local property tax?

Answer 12

Tax paid by owners of residential property. Paid annually

Question 13

What is motor tax?

Answer 13

Tax paid annually on all roadworthy vehicles

Question 14

What are the Revenue Commissioners?

Answer 14

The State Agency responsible for collecting taxes on behalf of the government