Income Tax (Leaving Cert Mathematics): Flashcards

Total earnings before deductions

Money taken home after all deductions

Mandatory contribution for social welfare in Ireland

Pensions, illness benefits, unemployment support

Both employees and employers

Tax on gross income; ensures all contribute to revenue

Tiered; higher income = higher rates

Available for low-income earners

Amounts reducing total income tax payable

Subtracted directly from gross tax

Tax on total gross income before credits/deductions

Earnings and employment type