Financial maths Flashcards
1
Q
Gross income
A
Total pay before taxes/deductions
2
Q
Net income
A
Pay after deductions
3
Q
Standard rate of tax
A
20%
4
Q
Higher rate of tax
A
42%
5
Q
Gross tax
A
Tax owed before deductions
6
Q
Tax credits
A
Money deducted from tax
7
Q
Statutory deduction
A
Mandatory taxes e.g. P.A.Y.E. tax
8
Q
Non statutory
A
Voluntary deductions, e.g union fees
9
Q
% Profit or Mark-Up
A
( ππππππ‘/πΆππ π‘ πππππ)π₯100 %
10
Q
% Profit Margin
A
(ππππππ‘/πππππππ πππππ)π₯100%
11
Q
% Loss
A
(πΏππ π /πΆππ π‘ πππππ)π₯100%
12
Q
%Discount
A
(Discount/cost) x100%
13
Q
Find the vat
A
Multiply by percentage vat + add to origional price
14
Q
Find price without vat
A
Price - percentage vat
15
Q
Find gross tax
A
Add tax @ lower + higher rate
