Wage Slips Flashcards
1
Q
What is gross pay
A
wage before pay deductions
2
Q
what is net pay
A
take home money after pay deductions
3
Q
what are the deductions in pay (6)
A
insurance
tax
student loan
child support
pension
private healthcare
4
Q
what are the different tax rates for incomes
A
below 12570 = 0% tax
12571-50270 = 20% tax
50271-150,000 = 40% tax
150000+ = 45%
5
Q
what should be taken into account for personal allowance
A
you can take home this money at any income level without tax
6
Q
what is the formula for Gross pay,net pay + deductions
A
Gross pay = net pay + deductions
