Does anyone think that TAX questions like calculating NET PAY etc.... will come up in the actual Leaving Cert as they didn't in my mocks???
Also, Is anyone willing to give me some steps on how to actually do a TAX Question?
For Example - To get your NET PAY , you need to take away your GROSS PAY from your TAX PAYABLE etc as I am really stuck on how to actually do them.
Calculate how much tax they have to pay with the percentage of the gp and take it away from gp then add on the tax credits and get your take hone pay. Give me an example of a question and I'll help u
Hey Jamie @Jamielovesmusic123
What you do here is as follows:
1. Take the SCOP (Standard Cut off point) (36,400) and multiply it by the STR (Standard Tax Rate) (20%)
E.g. 36400 x .20 = 7280
2. Now take your Gross Pay (50,000) and minus the Cut off point (36,400)
E.g. 50,000 - 36400 = 13600
We do this because this individual earns 50000 but pays the standard rate of 20% up to 36,400 and after that has to pay the higher rate on the remaining
3. 13600 is the amount we will pay the higher rate on so: 13,600 x .41 = 5576
4. Now take the figure from step 1 and the figure from step 3 and add them together.
However this person has tax credits of 6000 euro. (This is a good thing)
5. You take the take payable figure (12856 and minus the tax credits 6000) = 6856
This is the net pay
Now Jamie stop flirting with my chick!
Sorry Jamie only saw you put that up there but that's how you answer the question anyway. Not much too it and they do be worth 20 marks which is a great time saver ! If it came up last year I would say no but there could be a good chance. Our teacher said that break even is likely to come even though it did not come up on the mock but it has not come up as a long question for ages