Tax National Insurance Deductions
August 10th, 2010
Question: Why are employees given a payslip?
I’ve been given a little booklet to fill in but I don’t even know what half of it means. If you could help me out that would be fantastic. (:
1. Why are employees given a payslip?
2. What is “basic pay”?
3. What is “taxable pay”?
4. What is “income tax”?
5. What is “pension contributions”?
6. What is “national insurance”?
7. What is “total deductions”?
8. What is “net pay”?
9. What is “gross pay”?
thank you in advance!
<3
Answer: I’ve got to answer the same things in my work experience booklet 
1. To show the amount of money earned decided by the hours the employee has worked and tax. It’s also good for personal reference.
2. The rate of pay fixed by law or administrative action for the position held by an employee before any deductions are made and exclusive additional pay of any kind.
3. The amount of pay that can be taxed by the government.
4. Tax levied on the financial incomes of people, corporations or other legal entities.
5. A contribution made by an employee for their retirement fund.
6. A system of taxes and related social security benefits. Provides payments to unemployed, sick, retired and medical services in the UK.
7. Tax, national insurance contributions, pensions etc (total amount taken out the salary to pay for the above.)
8. The remaining amount after deductions from the gross salary (what you take home.)
9. Pay As You Earn. The amount collected by employers on the behalf of the government from employees.
10. Save As You Earn. A savings scheme operated by the government, in which regular deposits are made into a savings account from a salary.
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