Income Tax (Leaving Cert Mathematics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What system does income tax use for wage and salary earners?
What system does income tax use for wage and salary earners?
Two-tier system
What is the purpose of a tax credit?
What is the purpose of a tax credit?
Reduces final tax bill
What is the fundamental formula for income tax calculation?
What is the fundamental formula for income tax calculation?
Tax payable = Gross tax - tax credits
What is the second step in the income tax calculation process?
What is the second step in the income tax calculation process?
Subtract tax credit from gross tax
When does the Higher Rate apply?
When does the Higher Rate apply?
To income above the cut-off point
When did the Universal Social Charge (USC) come into effect?
When did the Universal Social Charge (USC) come into effect?
1st January 2011
What is the USC rate structure commonly called?
What is the USC rate structure commonly called?
'2-4-7' rate structure
What is the USC rate on the first band of income up to annually?
What is the USC rate on the first band of income up to annually?
What is the weekly threshold for the USC second band upper limit?
What is the weekly threshold for the USC second band upper limit?
What USC rate applies to income exceeding annually?
What USC rate applies to income exceeding annually?
If gross tax is and tax credit is , what is tax payable?
If gross tax is and tax credit is , what is tax payable?
When working backwards from tax payable, what should you do first?
When working backwards from tax payable, what should you do first?
Add the tax credit to find gross tax