Your gross pay is your total income before any deductions are made.

Your net pay is the amount of income that you receive after deductions have been made.

Work, income and deductions

Financial education

Personal finance and economic citizenship

Long-term financial planning

This unit explores income and deductions, financial responsibility as a citizen, and preparing for long-term financial stability.

Salaries and long term financial planning

Subjects which particular individuals may be sensitive to, eg, adoption, migration, bereavement or death, divorce, poverty, deprivation.

Depiction or discussion of sensitive content

An employee works 168 hours in a month and is paid £23.50 per hour. What is their gross pay?

An employee works 152 hours in a month and is paid £29.50 per hour. What is their gross pay?

An employee works 168 hours in a month and is paid £23.50 per hour. Their pension contribution is 5% of their gross pay. Calculate their pension contribution for this month.

An employee works 152 hours in a month and is paid £29.50 per hour. Their pension contribution is 6% of their gross pay. Calculate their pension contribution for this month.

One month, an employee is left with a taxable income of £3750. The first £1048 earned is tax-free and then up to the next £3141 is taxed at 8%. How much of the taxable income is taxed at 8%?

One month, an employee is left with a taxable income of £3750. The first £1048 earned is tax-free and then up to the next £3141 is taxed at 20%. How much tax is owed?

{{}} Tax is tax that you pay on your income.

National {{}} is a tax on income which qualifies you to certain benefits, such as the State Pension and maternity pay.

{{}} Tax (VAT) is a tax that is added to most products and services sold by businesses.

The amount of money you can earn without having to pay Income Tax is called your ...

A store in the USA has a pair of sneakers on display. The price tag reads $31.99 and the Sales Tax is 15%. What do the sneakers cost?

A shop in the UK has a pair of trainers on display. The price tag reads £55.99 and VAT is 20%. What do the trainers cost?

Work, income and deductions

Lesson outcome

Content guidance