Income Tax (Leaving Cert Mathematics): Flashcards
📚Flashcards
Practise the cards
12 cards from this deck
ShowHide
Practise the cards
12 cards from this deck
What type of system does income tax use?
What type of system does income tax use?
Two-tier system
Standard Rate applies to
Standard Rate applies to
First portion of income up to cut-off point
Higher Rate applies to
Higher Rate applies to
Income above standard rate cut-off point
Tax credit definition
Tax credit definition
Amount that reduces final tax bill
Standard rate cut-off point
Standard rate cut-off point
Income threshold where tax rate changes
Tax payable formula
Tax payable formula
How to calculate gross tax above cut-off
How to calculate gross tax above cut-off
Standard rate on income up to cut-off, higher rate on excess, add both
USC full name
USC full name
Universal Social Charge
USC effective date
USC effective date
1st January 2011
USC first band
USC first band
2% on income up to €10,036
USC second band
USC second band
4% on income €10,036 to €16,016
USC third band
USC third band
7% on income exceeding €16,016