Pay and Deductions

Jaiden Butch
Mind Map by Jaiden Butch, updated more than 1 year ago
Jaiden Butch
Created by Jaiden Butch over 5 years ago
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Here is a mind map of Pay and Deductions

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Pay and Deductions
  1. Payment methods
    1. There is a thing called salery which is what you get yearly like someone could have a sallary of £22,000 a year or maybe even £90,000 a year.
      1. Sometimes people get paid at an hourly rate, this is usually for part time jobs. Someone might have a hourly rate of £10 an hour or if you had a good job maybe even £20 an hour. (which when you add this up it is quite a bit)
      2. Taxes
        1. Income tax is where you have to pay a percentage of what you get to the goverment, the amount of tax you have to pay detmains on how much you earn. Up to £11,000 = 0%.. £11,000 to £43,000 = 20%... £43,001 to £150,000 = 40%.. over £150,000 = 45%
          1. National Insurance is the tax that you have to pay, this is to fund the NHS. To keep it up and running. This is about 15% of your income.
            1. There is optional payments as well, you can invest in like Extra pension and child care tax, also charity would count as well.
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