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Applied Arithmetic

TermDefinition
Income Money a person earns from working or other sources.
Gross Income (Gross Pay) The total amount of money earned before any deductions are made.
Net Pay (Take-home Pay) The amount of money a person receives after all deductions have been taken from their gross pay.
Income Tax A tax paid to the government on income earned from work.
Gross Tax The total amount of income tax owed before tax credits are deducted.
Net Tax The amount of income tax actually paid after tax credits have been deducted from gross tax.
Tax Credit An amount that reduces the income tax a person has to pay. It is subtracted from gross tax.
Tax Rate The percentage of income charged as tax (e.g. 20% or 40%).
Standard Rate The lower rate of income tax charged on income up to a certain limit.
Higher Rate The higher rate of income tax charged on income above the standard rate cut-off.
Standard Rate Cut-off Point The amount of income taxed at the standard rate before the higher rate applies.
Tax Band A range of income that is taxed at a particular rate.
Deduction Money taken from gross pay before take-home pay is calculated.
Payslip A document showing an employee's gross pay, deductions and take-home pay.
Employer A person or business that hires and pays workers.
Salary A fixed amount of pay, usually paid monthly or annually.
Wages Pay received for work, often calculated hourly or weekly.
Taxable Income The portion of income on which tax is calculated.
Created by: SFadden
 

 



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