Vocational Training - Science
Mission Objectives
Identify different sources of income (earned, benefits, gifts).
Distinguish between fixed and variable expenses.
Understand the importance of tracking income and outgoings.
Words and meanings to learn
income
money coming in that you can use to live, save, or plan
income tax
Income Tax is a tax you pay on the money you earn from work or other sources (like pensions or rental income).
National Insurance
money taken from your pay by government to help fund public services like the NHS
pension
money you save during your working life to support you in retirement
tax code
A combination of numbers and letters used by your employer to calculate how much Income Tax to take from your wages.
Section 5 Income and Outgoings
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