Finance - Preparation for Working Life

Information on Finance and deductions for the Preparation for Working Life GCSE

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Voluntary Contributions

Financial deductions from gross pay

 

·         Voluntary    

 

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Voluntary contributions

 

Charity If you have chosen to support a charity through your employers connections this money would be taken from your wages/salary before you receive it.

 

Union subscriptions A trade union or labour union is an organisation of workers who have banded together to achieve common goals in key areas such as wages, hours and working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members and negotiates contracts with the employers.

 

 Sports scheme/club subscription If this is provided by your employer.

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Compulsory

· Compulsory  - Income Tax(PAYE

A government tax charged on what you earn from work or business each year.The amount of income tax you pay depends on how much you earn and certain other entitlements and exemptions.

-National Insurance

A system of tax in the UK which the government collectmoney from companies and workers and makes payments to people who are too old or ill to work or who have no job.

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Deductions which may apply - could be voluntary or

Alimony/divorce/child paymentsAn amount of money that a court orders a man or woman to pay each other after they are separated or divorced.

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