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Applied Arithmetic

Revision Cards

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.
Created by: smoylett