Maths : Calculating Tax

Killaqueen!!!

Can anyone help me with this? I just started some Maths revision for my mocks..of course I'm regretting not studying earlier cos my mocks start this Monday but ah well..

I was out sick when we did the chapter(s) on Tax and I'm finding it really confusing.

What's the standard rate cut-off point? How do I calculate a gross income? Is there any good site which has notes on these because the exam papers aren't helping me. I went on www.e-xamit.ie and I googled so please don't bite my heard off I just need help!

I'm so stressed..I was actually crying a few minutes ago..I've got so much to do..

Slippin Jimmy

I haven't studied much either. But it is only the mocks, plenty of time before the juniour. Anyway try Skool.ie. They might have a few lessons. They do have a good bit of revision for other subjects too.

pureirishsugar

Hey Killaqueen, ok don't cry it's only the pres and i will attempt to help you.

The standard-rate cut off point is the amount of money that is charged at the lower tax rate usually 20%, the rest of the wage is charged at a higher rate, usually 42%, this is an example.

You earn 52,000. your standard rate cut off point is, 20,000.
52,000 - 20,000 = 32,000
So you pay 20,000 at 20% and 32,000 at 42%
20,000 multiplied by 20 and divided by 100 = 4,000 = lower rate tax

Then 32,000 multiplied by 42 and divided by 100 = 13,440 = higher rate tax

You add these togther 4000 + 13440 =17,440

17,440 is your tax payable

to work out gross income you take your tax payable from your wage
52000 - 17440 = 34560

Gross income = 34,560

any questions, hope i helped

Killaqueen!!!

pureirishsugar wrote:

Hey Killaqueen, ok don't cry it's only the pres and i will attempt to help you.

The standard-rate cut off point is the amount of money that is charged at the lower tax rate usually 20%, the rest of the wage is charged at a higher rate, usually 42%, this is an example.

You earn 42,000. your standard rate cut off point is, 20,000.
42,000 - 20,000 = 32,000
So you pay 20,000 at 20% and 32,000 at 42%
20,000 multiplied by 20 and divided by 100 = 4,000 = lower rate tax

Then 32,000 multiplied by 42 and divided by 100 = 13,440 = higher rate tax

You add these togther 4000 + 13440 =17,440

17,440 is your tax payable

to work out gross income you take your tax payable from your wage
42000 - 17440 = 24560

Gross income = 24,560

any questions, hope i helped

:eek:

never mind..but thanks for trying to help anyway!

I started working through the 2005 Exam Paper 1 and there hasn't been one question which I could do without looking up the solution on http://www.e-xamit.ie

Killaqueen!!!

www.skoool.ie is a terrible site for maths IMO..It only has 'notes' for a few topics..

Slippin Jimmy

pureirishsugar wrote:

Hey Killaqueen, ok don't cry it's only the pres and i will attempt to help you.

The standard-rate cut off point is the amount of money that is charged at the lower tax rate usually 20%, the rest of the wage is charged at a higher rate, usually 42%, this is an example.

You earn 42,000. your standard rate cut off point is, 20,000.
42,000 - 20,000 = 32,000

It was nice of you to help, but 42,000 - 20,000 = 22,000 not 32,000:)

Apple Gal

I hate those tax questions but I'm soo glad my mom is a tax something or other, it's good for homework!

ketchup_please

recently i bought Less Stress More Sucess for Honours Maths and it is brilliant. it got me through the mocks and explains all the formula's well.its about €12 or €8 i think cant remember but highly reccomended

Slippin Jimmy

I got the less stress more success books for other subjects:rolleyes: . Very handy for revision, one I would advice not to get is History. I hear that, well I think this was the name of it anyway, shortcuts to success is a much easier to follow for History. Great books though.

Killaqueen!!!

Hey, I've heard of those Less Stress More Success books...I completely forgot about getting them though.

Thanks for the suggestions, I'll look out for the one on Maths! Cheers!

I've *kind of* got the hang of calculating tax, it's working backwards that confuses me now, you kno when you have the after-tax income and they ask you what the gross income would need to be? Man, they are tough.

I'm so screwed for the mocks, which I don't mind. I deserve fails because I haven'tstudied at all..I'm just afraid what everyone else is going to think of my results. Our maths teacher said she'd put us down to ordinary if wedon't get the theorem questions right (cos she knocked off a few theorems, so there'd be less to learn).

Anyway, thanks for all your help!

Victor

Remember this: gross is always bigger.

Gross income is total income from everything, before paying tax.

Gross income less tax = net income

Sometimes, when dealing with pensions, you have to watch for gross income less pension contributions (superannuation), but I'm not sure if thats on the JC syllabus.

pureirishsugar wrote:

to work out gross income you take your tax payable from your wage
42000 - 17440 = 24560

Gross income = 24,560

This would be nett income, not gross.

ketchup_please

P.s No need to cry over the mocks
i was suprised of how much i knew when it actually came down to the exam. i was really worried also. i just said "Ah, screw it - they're only mocks" and simply crammed the night before each exam aswell as studying the week before the exam. i know i wont be satisfied with my results when they come back but i will study for the jc waaay more

BaZmO*

Sorry to hijack the thread, but what's the name of the current Junior Cert Maths book for Higher Level?

madbabe(",)

Mine is texts and tests 2

BaZmO*

madbabe(",) wrote:

Mine is texts and tests 2

mangetout Rodney, mangetout!

Killaqueen!!!

BaZmO* wrote:

Sorry to hijack the thread, but what's the name of the current Junior Cert Maths book for Higher Level?

Mine is Discovering Maths Book 1 and Book 2

The JC course is really in need of a good maths book.

Killaqueen!!!

Oh, and can anyone tell me how to get the referance angle when dealing with tan sin and cos? You know the one where you have the unit circle and you have to find two values for 'A' when tan A = -1(for example). I'm revising and that question is really annoying me..it's only a part (a)!!

lilmissprincess

I got the LSMS for Maths, it is so much easier than the text book. I'm gonna fail history, we have a useless teacher who refused to help us revise.