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UNIT 2: Topic 8 (8.1 What is income? (Earned income is money received for…
UNIT 2: Topic 8
8.1 What is income?
Earned income is money received for doing a job, this covers employees,self-employed and pensions.
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Introduction
Income tax is used to support government spending.It is payable by allpeople who recieve taxableincome. The amount depends on their income
NI pays for the NHS, the state pension and other state benefits. It is payed by those over 16 who are working, the amount once again depends on the income of the individual
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