Money Matters

What is a tax code?

• A code number showing the tax-free part of your pay

• A code that says how much NI contributions you will make

• A code used to identify people who are not paying tax

• It is not important to know your tax code

If you are self employed you do not get a payslip unless you are employed by an agency

• True

• False

Your personal allowance is

• £12570

• £1150

• £12000

• £10500

The basic tax rate is

• 15%

• 20%

• 25%

• 1%

Higher rate tax is

• 30%

• 50%

• 40%

• 45%

National Insurance (NI) contributions are collected to build up

• State Pension and Maternity allowance

• Council tax contributions

• Life insurance

How many main classes of National Insurance are there?

• 2

• 4

• 6

• 8

Match the following with their correct minimum wages

• Apprentice

• £10.42

• 21-22 years old

• £5.28

• 18-20 years old

• £7.49

• Under 18 years

• £5.28

• 23 years and over

• £10.18