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.