1
A fixed payment in return for work is ?
Salary
An additional payment received by an employee for reaching a target?
Bonus
A regular payment received by people who are retired?
Pension
An amount paid to employees based on the number of hours or days worked?
Wage
What is income ?
Money that is earned from working or investments./Company's profit for a period of time.
Do tax credits increase the amount of income tax you have to pay ?
No tax credit decreases
Is Health insurance a non-statutory deduction ?
yes
What is the name of tax that is paid on products or services that are imported from the UK or outside the EU ?
Customs Duty
Is child benefit a non taxable income?
Yes
A payment given to people who are unemployed on a weekly basis?
Jobseekers Benefit
Is VAT a direct tax?
No vat is an indirect tax
What is the current rate of Corporation Tax in Ireland?
12.5%
What are dividends?
A share of a firms profits given to shareholders.
What is emergency tax?
Your job is not registered with Revenue
or
You haven’t given your employer your PPSN
What do the letters VAT mean?
Value Added Tax
True or False
Schedule D is the category for business income?
True
What does USC stand for ?
Universal Social Charge
True or false
Schedule E relates to employment income.
True
What is direct taxes ?
This is a tax paid on income and gains.
You/ your employer registers you on what system?
PAYE system
What do the letters PPSN mean?
Personal Public Service Number
The marginal rate of Income Tax rate is .... ?
40%
What is the standard rate of income tax for an employee in Ireland?
20%
What do the letter VRT stand for ?
Vehicle Registration Tax
What do the letters CGT mean?
Capital Gains Tax