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Applied Arithmetic
Revision Cards
Question | Answer |
---|---|
VAT or Value Added Tax | A government tax that is added to many of the items that we buy. |
Cost Price | The price a shop buys in items at before resale. |
Meter Readings | Present Reading - Previous Reading |
Income Tax | A tax payed by people who earn a wage/salary. |
Standard Rate | 20% |
Higher Rate | 41% |
Standard rate Cut-Off Point | The point at which a person's income tax switches from standard to higher rate. |
Tax Credit | An allowance given to a tax payer that reduces their total tax bill. |
Gross Tax | The total tax that a person pays before reductions are taken from it. |
Tax Payable | Gross Tax - Tax credits. |
USC | Universal Social Charge |
USC | A tax introduced into Ireland on the 1st January 2011 |
PRSI | Pay Related Social Insurance |
PRSI | A tax used by the government to pay unemployment benefits and old-age pensions. |