Income Tax (Junior Cert Mathematics): Flashcards

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Joan's annual salary (Problem 1)

€39,000€39,000

Joan's tax credits (Problem 1)

€4,750€4,750

Joan's standard rate cut-off point (Problem 1)

€31,000€31,000

Tax on Joan's first €31,000€31,000 at 20%20\%

€6,200€6,200

Tax on Joan's remaining €8,000€8,000 at 40%40\%

€3,200€3,200

Joan's total tax before credits

€9,400€9,400

Joan's final income tax for the year

€4,650€4,650

Cecil's tax credit per year (Problem 2)

€3,600€3,600

Cecil's gross salary (Problem 2)

€45,000€45,000

Bus driver's weekly tax credit (Problem 3)

€60€60

Bus driver's gross weekly wage (Problem 3)

€1,000€1,000

What do tax credits do to tax payable?

Reduce the amount of tax owed

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