Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Business:1.4
| Question | Answer | null |
|---|---|---|
| Why do we pay personal taxes? | It is income for the government who in turn provide resources that we as a country need. Affect everyone’s quality of life. The law states we must pay them Are paid by companies and individuals | |
| What is taxation? | Taxes and charges that are collected by the state to pay for things we need as a country. Usually is a percentage of wages or price of a good taken. | |
| Resources funded by the state: | Infrastructure, Roads, Parks, Schools, Hospitals, Reservoirs, Sewage systems, Libraries etc. | |
| Why does the government increase taxes? | So it has more money to improve services | |
| What happens when government reduces taxes? | Less money to spend and reduce services (cutbacks) | |
| Office of the revenue commissioners: | State body responsible for collecting taxes in Ireland on behalf of the government | |
| Work VS employment | Work - anything which requires effort Employment - work that you are payed for | |
| Gross pay | Basic pay+overtime+commission+bonus Your total earning before deductions are made | |
| Deductions: | Charges and taxes deducted/taken away from your gross pay to leave you with your net pay. Can be statutory or non-statutory. | |
| Net pay: | Gross pay-deductions Take home pay after deductions have been made | |
| PAYE: | The system of taxing income used by implores in Ireland Pay As You Earn. Statutory Taxes and charges are deducted from your wage/salary before you receive it. | Is also income tax and is a percentage of income payed to the government. |
| Statutory deductions | Taxes that are compulsory and are deducted from your gross pay and given to the government | E.g income tax (PAYE) Payed on the amount earned it is a percentage of your gross pay PRSI Pay Related Social Insurance is given to the Department of Social Protection. USC Universal Social Charge is also in income |
| Non-statutory deductions: | Charges you choose to have deducted from your gross pay. Are often for personal use not the governments | Eg a Pension scheme- paying money into a private pension scheme to provide for yourself when you retire Trade Union Subscription- a voluntary fee toward a union that protects workers of a particular trade Health insurance- to cover you for healthcare |
Created by:
321cba
Popular Finance sets