1. Employment and National Insurance LEARNING OBJECTIVE To understand the Maths involved in employment, tax and National insurance.

2. Age rangeMinimum wage per hour Apprentice rate£2.73 16 – 17£3.79 18 – 21£5.13 22+£6.50 The minimum wage

3. National Insurance Contributions O You pay NICs to build up your entitlement to certain Social Security benefits, including the State Pension. O The type and level of NIC you pay depends on how much you earn, and whether you’re employed or self-employed. O You stop paying NICs in the year you reach State Pension age (https://www.gov.uk/calculate-state-pension/)https://www.gov.uk/calculate-state-pension/ Weekly EarningsNICs Employed£153 - £80512% £805+2% Self-employed---9% of profit (2% if exceeds £41,450pa)

4. Income tax RateAnnual Income 0% Personal Allowance£10,000 20%£10,000 – £40,000 40%£40,000 – £150,000 45%£150,000+

5. Useful links Exploring how and why we pay tax. http://taxmatters.hmrc.gov.uk A series of games about using money. http://www.pfeg.org/fortunity-mini-games Money and tax. https://www.gov.uk/browse/tax