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Chapter 10
Personal Taxation
| Question | Answer |
|---|---|
| Tax def | Compulsory payment to government to fund public services |
| Tax liability def | Amount of tax you’re required to pay |
| Direct tax def + example | Paid on income as it’s earned. Eg. PAYE |
| Indirect tax def + example | Paid on income as it’s spent. Eg. VAT |
| Progressive tax def | Tax rate increases as income increases |
| Regressive tax def | Higher percentage of income is taken from low income earners |
| 4 household taxes | Excise Duties Custom Duties Motor Tax Stamp duty |
| Tax avoidance def | Reducing tax by knowing how to claim more tax relief or spending money in particular ways. Legal |
| Tax evasion def | Fail to pay some/all tax or fail to declare some/all income. Illegal |
| PPSN def | Personal Public Service Number, individuals unique reference number used in all dealings |
| Emergency tax def | Tax to encourage new employees to get affairs in order |
| Tax rate def | Percentage of tax levied on persons income |
| Standard Rate Cut Off Point def | Amount of income taxed at standard rate |
| Tax credit def | Amount a persons tax bill may be reduced by |
| Gross pay def | Pay before all deductions |
| Net pay def | Pay after all deductions |
Created by:
TomDel123
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