Starter quiz
- Calculate 20% of 72
- '14.4' ✓
- If you have 40 apples and 35% of them are eaten, how many do you have left?
- '26' ✓
- A top originally cost £22. It is now on sale for £14. What is the percentage decrease in price (to the nearest percent)?
- '36%' ✓
- A store owner buys a pair of shoes for £45 and sells them for £105. What is the percentage profit (to the nearest percent)?
- '133%' ✓
- A house originally valued at £399 999 increase in price by 8.75%. What is its new value (to the nearest pound)?
- '£434 999' ✓
- An item that originally cost £37 is discounted by 18%. What is the sale price?
- '£30.34' ✓
Exit quiz
- ______ Tax is tax that you pay on your income.
- 'Income' ✓
- ______ is a tax on income which qualifies you to certain benefits, such as the State Pension and maternity pay.
- 'National Insurance' ✓
- ______ (VAT) is a tax that is added to most products and services sold by businesses.
- 'Value Added Tax' ✓
- The amount of money you can earn without having to pay Income Tax is called your ...
- additional rate
- basic rate
- higher rate
- personal allowance ✓
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- A store in the USA has a pair of sneakers on display. The price tag reads $41.99 and the Sales Tax is 15%. What do the sneakers cost?
- '$48.29' ✓
- A shop in the UK has a pair of trainers on display. The price tag reads £45.99 and VAT is 20%. What do the trainers cost?
- '£45.99' ✓
Worksheet
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Presentation
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Video
Lesson Details
Key learning points
- Income tax is paid on any money earnt after your personal tax allowance
- National insurance is also only paid if you earn more than a certain amount
- Tax is paid on luxury goods. This is referred to as VAT.
Common misconception
Income Tax is paid on the entire salary.
Income Tax is only applied to the amount earned above the personal allowance.
Keywords
Income tax - Income Tax is tax that you pay on your income.
National insurance - National Insurance is a tax on income which qualifies you to certain benefits, such as the State Pension and maternity pay.
Value added tax (vat) - Value Added Tax (VAT) is a tax that is added to most products and services sold by businesses.
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