What is a tax code?

Choose 1 answer

Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).

money taken from your pay by government to help fund public services like the NHS

money coming in that you can use to live, save, or plan

money you save during your working life to support you in retirement

A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.

{"type":"multi-choice","id":"85301","dataJson":{"type":"multi-choice","slide_id":374633,"key":85301,"prompt":"\u003cp\u003eWhat is a tax code?\u003c/p\u003e","validResponse":[85795],"use_data":false,"question_body":"","question_video_url":"","question_fileboy_image_id":"","options":[{"label":"Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).","value":85796,"fileboyId":"b12fc656-b2c5-4db8-9d3a-a3bf3f7e47b0"},{"label":"money taken from your pay by government to help fund public services like the NHS","value":85797,"fileboyId":"b4428851-a336-4d53-b1c6-385dec02f0f7"},{"label":"money coming in that you can use to live, save, or plan","value":85793,"fileboyId":"78a35e75-752b-48b1-bd3c-b62aa9b586a1"},{"label":"money you save during your working life to support you in retirement","value":85794,"fileboyId":"8b45bfab-e97e-4a6f-af92-9e62369e4eb1"},{"label":"A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.","value":85795,"fileboyId":"b7e70222-1f4c-4ce1-9e57-7575246d1864"}],"question_data":{"body":"The total amount before anything is taken off is called gross pay. What you actually take home is called net pay. Your tax code helps your employer figure out how much tax to take. It’s important to check your payslip regularly—look for your gross pay, net pay, and any deductions. ","video":null,"image_url":"https://www.developingexperts.com/file-cdn/images/get/3948007c-f70a-4690-8d21-b7e6cd39d172?transform=resize:800x600;format:webp;quality:80"},"limitChoices":{"min":1,"max":1}}}

What is income?

Choose 1 answer

Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).

A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.

money coming in that you can use to live, save, or plan

money you save during your working life to support you in retirement

money taken from your pay by government to help fund public services like the NHS

{"type":"multi-choice","id":"85299","dataJson":{"type":"multi-choice","slide_id":374509,"key":85299,"prompt":"\u003cp\u003eWhat is income?\u003c/p\u003e","validResponse":[85793],"use_data":false,"question_body":"","question_video_url":"","question_fileboy_image_id":"","options":[{"label":"Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).","value":85796,"fileboyId":"b12fc656-b2c5-4db8-9d3a-a3bf3f7e47b0"},{"label":"A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.","value":85795,"fileboyId":"b7e70222-1f4c-4ce1-9e57-7575246d1864"},{"label":"money coming in that you can use to live, save, or plan","value":85793,"fileboyId":"78a35e75-752b-48b1-bd3c-b62aa9b586a1"},{"label":"money you save during your working life to support you in retirement","value":85794,"fileboyId":"8b45bfab-e97e-4a6f-af92-9e62369e4eb1"},{"label":"money taken from your pay by government to help fund public services like the NHS","value":85797,"fileboyId":"b4428851-a336-4d53-b1c6-385dec02f0f7"}],"question_data":{"body":"Section 5: Activity – Income \u0026 Outgoings Sort\n Provide cards or a worksheet with mixed items (e.g., wages, rent, takeaways, Universal Credit, fuel). Learners sort them into two categories: income and expenses, and then label each as fixed or variable. Discuss answers together.","video":null,"image_url":"https://www.developingexperts.com/file-cdn/images/get/0673c3db-a3ab-48d3-ab4f-c5d7c1941786?transform=resize:800x600;format:webp;quality:80"},"limitChoices":{"min":1,"max":1}}}

What is income tax?

Choose 1 answer

A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.

Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).

money taken from your pay by government to help fund public services like the NHS

money coming in that you can use to live, save, or plan

money you save during your working life to support you in retirement

{"type":"multi-choice","id":"85302","dataJson":{"type":"multi-choice","slide_id":374631,"key":85302,"prompt":"\u003cp\u003eWhat is income tax?\u003c/p\u003e","validResponse":[85796],"use_data":false,"question_body":"","question_video_url":"","question_fileboy_image_id":"","options":[{"label":"A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.","value":85795,"fileboyId":"b7e70222-1f4c-4ce1-9e57-7575246d1864"},{"label":"Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).","value":85796,"fileboyId":"b12fc656-b2c5-4db8-9d3a-a3bf3f7e47b0"},{"label":"money taken from your pay by government to help fund public services like the NHS","value":85797,"fileboyId":"b4428851-a336-4d53-b1c6-385dec02f0f7"},{"label":"money coming in that you can use to live, save, or plan","value":85793,"fileboyId":"78a35e75-752b-48b1-bd3c-b62aa9b586a1"},{"label":"money you save during your working life to support you in retirement","value":85794,"fileboyId":"8b45bfab-e97e-4a6f-af92-9e62369e4eb1"}],"question_data":{"body":"Section 3: Understanding your pay check - When you get paid, the amount you see going into your bank isn’t the full amount you earned. That’s because some of your pay goes toward deductions like income tax, National Insurance, and sometimes a pension. ","video":null,"image_url":"https://www.developingexperts.com/file-cdn/images/get/cf517fe2-9507-4b22-b617-6b66a1385a73?transform=resize:800x600;format:webp;quality:80"},"limitChoices":{"min":1,"max":1}}}

What is a pension?

Choose 1 answer

money coming in that you can use to live, save, or plan

Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).

A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.

money taken from your pay by government to help fund public services like the NHS

money you save during your working life to support you in retirement

{"type":"multi-choice","id":"85300","dataJson":{"type":"multi-choice","slide_id":374631,"key":85300,"prompt":"\u003cp\u003eWhat is a pension?\u003c/p\u003e","validResponse":[85794],"use_data":false,"question_body":"","question_video_url":"","question_fileboy_image_id":"","options":[{"label":"money coming in that you can use to live, save, or plan","value":85793,"fileboyId":"78a35e75-752b-48b1-bd3c-b62aa9b586a1"},{"label":"Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).","value":85796,"fileboyId":"b12fc656-b2c5-4db8-9d3a-a3bf3f7e47b0"},{"label":"A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.","value":85795,"fileboyId":"b7e70222-1f4c-4ce1-9e57-7575246d1864"},{"label":"money taken from your pay by government to help fund public services like the NHS","value":85797,"fileboyId":"b4428851-a336-4d53-b1c6-385dec02f0f7"},{"label":"money you save during your working life to support you in retirement","value":85794,"fileboyId":"8b45bfab-e97e-4a6f-af92-9e62369e4eb1"}],"question_data":{"body":"Section 3: Understanding your pay check - When you get paid, the amount you see going into your bank isn’t the full amount you earned. That’s because some of your pay goes toward deductions like income tax, National Insurance, and sometimes a pension. ","video":null,"image_url":"https://www.developingexperts.com/file-cdn/images/get/cf517fe2-9507-4b22-b617-6b66a1385a73?transform=resize:800x600;format:webp;quality:80"},"limitChoices":{"min":1,"max":1}}}

What is National Insurance?

Choose 1 answer

money you save during your working life to support you in retirement

money coming in that you can use to live, save, or plan

A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.

Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).

money taken from your pay by government to help fund public services like the NHS

{"type":"multi-choice","id":"85303","dataJson":{"type":"multi-choice","slide_id":374631,"key":85303,"prompt":"\u003cp\u003eWhat is National Insurance?\u003c/p\u003e","validResponse":[85797],"use_data":false,"question_body":"","question_video_url":"","question_fileboy_image_id":"","options":[{"label":"money you save during your working life to support you in retirement","value":85794,"fileboyId":"8b45bfab-e97e-4a6f-af92-9e62369e4eb1"},{"label":"money coming in that you can use to live, save, or plan","value":85793,"fileboyId":"78a35e75-752b-48b1-bd3c-b62aa9b586a1"},{"label":"A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.","value":85795,"fileboyId":"b7e70222-1f4c-4ce1-9e57-7575246d1864"},{"label":"Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).","value":85796,"fileboyId":"b12fc656-b2c5-4db8-9d3a-a3bf3f7e47b0"},{"label":"money taken from your pay by government to help fund public services like the NHS","value":85797,"fileboyId":"b4428851-a336-4d53-b1c6-385dec02f0f7"}],"question_data":{"body":"Section 3: Understanding your pay check - When you get paid, the amount you see going into your bank isn’t the full amount you earned. That’s because some of your pay goes toward deductions like income tax, National Insurance, and sometimes a pension. ","video":null,"image_url":"https://www.developingexperts.com/file-cdn/images/get/cf517fe2-9507-4b22-b617-6b66a1385a73?transform=resize:800x600;format:webp;quality:80"},"limitChoices":{"min":1,"max":1}}}

Answer incorrect

Look at the slide below to work out the answer.