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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. |