Household and Personal Tax Exam Questions With Correct Answers
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Household and Personal Tax
Institution
Household And Personal Tax
Household and Personal Tax Exam
Questions With Correct Answers
Tax - answerThis is a compulsory payment to Government. It is charged on income, business profits or
added to the cost of goods and services.
Tax Liability - answerThis means that a certain amount of money must be paid to the Govern...
Household and Personal Tax Exam
Questions With Correct Answers
Tax - answer✔This is a compulsory payment to Government. It is charged on income, business profits or
added to the cost of goods and services.
Tax Liability - answer✔This means that a certain amount of money must be paid to the Government. It is
the responsibility of each person to make sure that they pay the correct tax.
Tax Avoidance - answer✔This is a legal way of reducing the amount of txt that you must pay. For
example, you can claim tax credits which will reduce your tax bill
Tax Evasion - answer✔This is illegal and usually happens when people fail to declare some or all their
tax. Those found guilty will pay interest and penalties or may go to jail.
PAYE - answer✔This is known as Pay As You Earn and is paid by employees on their wages, salaries, BIK,
bonus or overtime. The employer will deduct this before paying the employee and sent it to Revenue.
Worker on a income may be exempt for paying PAYE
Self-Assessment Income Tax - answer✔This is tax that is paid by self-employed. The person calculates
how must tax they have to pay and send it to Revenue. To make sure they are paying the correct tax
Revenue will conduct regular Tax Audits.
Tax Audits - answer✔This is when revenue check that a business sis paying the correct tax. They do this
by looking the business accounts
Universal Social Charge - answer✔This is also known as USC. It is payed on income over a certain level. It
is paid at different level and it is an extra tax on top of PAYE
Value Added Tax - answer✔This is also known as VAT and is a tax on goods and services. VAT is usually
included in the price of the product or service. The rate of tax at present in Ireland is 23%. Some items
are except from tax - for example Children's clothing.
Custom Duties - answer✔This is a tax on goods form outside the EU
Excise Duties - answer✔This is a tax that is levied on certain goods. For example, petrol, heating oil,
natural gas, Alcohol
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