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Financial Maths: Quiz 5
Financial Maths: Quiz 5
Part A
Do not use a calculator for the following questions.
1) My gross pay is £800. On the £800 that I earn, I have to pay 10% tax. How much is my net pay/ how much money do I take home?
2) My yearly gross pay is £30,000. I have to pay 20% tax on all of this. What is my net pay?
3) My monthly gross earnings are £1,800. I pay 30% tax on all of my earnings. Also, I put 5% of my earnings into a pension pot.
a) How much tax do I pay?
b) How much do I put into my pension pot?
c) How much money do I have left after paying tax and a pension contribution?
4) I earn £5,000 per month. I do not pay any tax on the first £1,000 that I earn in a month. However, I pay 30% tax on any earnings between £1,000 and £3,000. I also have to pay 50% tax on any earnings above £3,000 per month. What is my net pay?
5) My gross earnings are £1,000 a month. I pay £200 tax on these earnings. The rate of tax is flat/ constant. What is the rate of tax?
6) My gross earnings are 1,300 and I pay £390 in tax. The rate of tax is flat/ constant. What is the rate of tax?
7) The rate of tax on my earnings is 20%. I pay £500 in tax every month. What is my gross rate of pay per month?
8) My net pay is £1,800 and I pay 40% tax. What is my gross pay and how much tax do I pay?
Do not use a calculator for the following questions.
1) My gross pay is £800. On the £800 that I earn, I have to pay 10% tax. How much is my net pay/ how much money do I take home?
2) My yearly gross pay is £30,000. I have to pay 20% tax on all of this. What is my net pay?
3) My monthly gross earnings are £1,800. I pay 30% tax on all of my earnings. Also, I put 5% of my earnings into a pension pot.
a) How much tax do I pay?
b) How much do I put into my pension pot?
c) How much money do I have left after paying tax and a pension contribution?
4) I earn £5,000 per month. I do not pay any tax on the first £1,000 that I earn in a month. However, I pay 30% tax on any earnings between £1,000 and £3,000. I also have to pay 50% tax on any earnings above £3,000 per month. What is my net pay?
5) My gross earnings are £1,000 a month. I pay £200 tax on these earnings. The rate of tax is flat/ constant. What is the rate of tax?
6) My gross earnings are 1,300 and I pay £390 in tax. The rate of tax is flat/ constant. What is the rate of tax?
7) The rate of tax on my earnings is 20%. I pay £500 in tax every month. What is my gross rate of pay per month?
8) My net pay is £1,800 and I pay 40% tax. What is my gross pay and how much tax do I pay?
Part B
You may use a calculator for the following questions.
1) My gross pay per month is £2,365.56. I pay 23% tax on all of my earnings.
a) How much tax do I pay? Give your answer to the nearest pence.
b) How much is my net pay? Give your answer to the nearest pence.
2) My yearly salary is £25,000. There are two different tax rates. The first tax rate is a tax rate of 27%, which I pay on earnings that are between nothing and £15,000. The next tax rate is 39% and this tax rate applies to earnings above £15,000. What is my net income?
3) The tax rate on all of my earnings is 24%. I pay £794.28 tax.
a) What is my gross income?
b) What is my net income?
4) I pay a tax rate of 32% on all of my earnings. My net income is £2,373.88. How much tax do I pay?
You may use a calculator for the following questions.
1) My gross pay per month is £2,365.56. I pay 23% tax on all of my earnings.
a) How much tax do I pay? Give your answer to the nearest pence.
b) How much is my net pay? Give your answer to the nearest pence.
2) My yearly salary is £25,000. There are two different tax rates. The first tax rate is a tax rate of 27%, which I pay on earnings that are between nothing and £15,000. The next tax rate is 39% and this tax rate applies to earnings above £15,000. What is my net income?
3) The tax rate on all of my earnings is 24%. I pay £794.28 tax.
a) What is my gross income?
b) What is my net income?
4) I pay a tax rate of 32% on all of my earnings. My net income is £2,373.88. How much tax do I pay?