Understanding a wage slip and maximising income
Outcomes to be accredited
In successfully completing this unit the student will have to:
Demonstrate the ability to:
- Identify and name correctly the following components on a given wage slip, gross pay, net pay, tax coding and tax deductions, National Insurance.
- Calculate correctly from given wage figures, net pay from gross pay, tax deductions and National Insurance deductions.
- Identify at least two different sources of personal income.
- Identify at least two different sources of income that are non-taxable or have already had tax deducted.
- Identify at least three ways to increase personal income
- Identify at least two advantages and two disadvantages of each of the methods selected to increase personal income.
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