Finance Week This week you will be….. This week you will be….. Lesson 1 “What Job?” Choosing a job Calculating your “take home” salary Lesson 2 “Where.

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Presentation transcript:

Finance Week

This week you will be….. This week you will be….. Lesson 1 “What Job?” Choosing a job Calculating your “take home” salary Lesson 2 “Where to live” Rent of buy? Choosing a property Lesson 3 “What's the cost?” Running a property Lesson 4 “Getting around”  Buying a car  Getting a life

What Job? What is your ideal job? What is your ideal job?Discuss

Out of these find the closest match. CareerSalaryLocation Website Developer£15,000 (up to £18,000)London/ Norwich Plasterer/Plumber£15,000 (up to £30,000)Anywhere Shop Assistant£7,500 (up to £13,000)Anywhere Actuary£32,000 (up to £100,000)London/Norwich Display Designer/Window Dresser £9,000 (up to £18,000)Anywhere Computer Hardware Technician £12,000 (up to £25,000)London/Norwich Groundsman/ Greenkeeper£8,000 (up to £15,000)Bungay Solicitor£24,000 (up to £100,000)Anywhere Meter Reader£11,000 (up to £13,500)Anywhere Teacher£19,000 (up to £34,000)Anywhere Pilot£30,000 (up to 100,000)London

A Pay Slip

What is tax? In this country, if you are an employee (i.e. you work for someone else), tax is deducted from your earnings before you receive them. In this country, if you are an employee (i.e. you work for someone else), tax is deducted from your earnings before you receive them. On your pay slip this is called 'PAYE', or pay as you earn; otherwise known as income tax. On your pay slip this is called 'PAYE', or pay as you earn; otherwise known as income tax. It is collected by the Inland Revenue on behalf of the Government, and is used to pay for things like healthcare, social security and welfare services, defence, roads and education. It is collected by the Inland Revenue on behalf of the Government, and is used to pay for things like healthcare, social security and welfare services, defence, roads and education. The amount of tax you pay depends on how much you earn. The amount of tax you pay depends on how much you earn.

What is National Insurance? the National Insurance fund was used by the Government to pay for a range of welfare benefits such as the National Insurance fund was used by the Government to pay for a range of welfare benefits such as 1. unemployment benefit, 2. sickness and invalidity benefit, 3. maternity allowance, 4. basic retirement pension. You still need to maintain your National Insurance contributions since they entitle you to these benefits should you wish to claim them. You still need to maintain your National Insurance contributions since they entitle you to these benefits should you wish to claim them.

How is tax paid? PAYE is the system used by employers to take tax and National Insurance contributions off your pay. They then pay over that money directly to us, the Inland Revenue. PAYE is the system used by employers to take tax and National Insurance contributions off your pay. They then pay over that money directly to us, the Inland Revenue.

Tax Rates Your tax code is made up of tax allowances. You will pay tax at the following rates on your earnings Your tax code is made up of tax allowances. You will pay tax at the following rates on your earnings You get charged no tax on the first £5,225 this is called your tax allowance You get charged no tax on the first £5,225 this is called your tax allowance on the next £2,230 you pay 10% (the starting rate) on the next £2,230 you pay 10% (the starting rate) on the next £32,600 you pay 22% (the basic rate) on the next £32,600 you pay 22% (the basic rate) on any income over £34,600 you pay 40% (the higher rate) on any income over £34,600 you pay 40% (the higher rate)

What is my NIC? As well as tax, your employer will usually take off National Insurance contributions (NICs) from your pay. Most employees pay the standard rate of NICs. As well as tax, your employer will usually take off National Insurance contributions (NICs) from your pay. Most employees pay the standard rate of NICs. Up to £87 a week (£377 a month) you pay Nil Up to £87 a week (£377 a month) you pay Nil Over £87 and up to £670 a week (over £433 and up to £2,903 a month) you pay 9.4% Over £87 and up to £670 a week (over £433 and up to £2,903 a month) you pay 9.4% Over £670 a week (£2,903 a month) you pay 1% Over £670 a week (£2,903 a month) you pay 1% Above £34,840 a year the rate changes Above £34,840 a year the rate changes

Calculations! Use your booklet to calculate your tax and national insurance. Use your booklet to calculate your tax and national insurance.

Complete the salary summary in your Personal budget Complete the salary summary in your Personal budget

How do you feel about that?

Homework Use the housing boards in the mathematics department and the library to research the details of properties available in the area you work in. You must: Record all the details of any properties within the correct area (price, rent, location, etc)