Happy Payday - Understanding your pay check Flashcards
1
Q
What information is required on a pay slip
A
Earnings before & after deductions
Amount of any deductions
Tax
National insurance
Pension
2
Q
What criteria must you meet for an employer to enrol an employee for pension scheme
A
You are 22 years old or more
Your salary is more than £10,000
3
Q
What are the contributions for pension (employee and employer)
A
You contribute 5%
Your employer contributes 3%
Total 8% of salary
4
Q
Money paid to the government in return for ‘contributory benefits’ including:
A
State pension
Maternity allowance
5
Q
How much does employee pay for national insurance
A
0% on up to £9,500
12% on £9,501 to £50,000
2% on £50,000 and above
6
Q
How much does employer pay for national insurance
A
Your employer pays about 14% above £8,784 per year
