In tax year 2021-22, Class 2 NICS are payable by monthly or quarterly direct debit at a flat rate of £2.80 per week. True or False? O True O False An employee earns £148 in the week ending 24 March 2021, Compute the primary Class 1 NICS payable for the week O £20 42 O £17 76 O EC 84

In tax year 2021-22, Class 2 NICS are payable by monthly or quarterly direct debit at a flat rate of £2.80 per week. True or False? O True O False An employee earns £148 in the week ending 24 March 2021, Compute the primary Class 1 NICS payable for the week O £20 42 O £17 76 O EC 84

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...

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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

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In tax year 2021-22, Class 2 NICS are payable by monthly or quarterly direct debit at a flat rate of £2.80 per week.
True or False?
O True
O False
An employee earns £148 in the week ending 24 March 2021, Compute the primary Class 1 NICS payable for the
week
O £20 42
O £17 76
O EC 84

Fatima is one of 2000 employees of Alba Company plc. The Salary for 2021-22 is 57000 and Benefits per P11D is
8500. What amount of national insurance contributions does Tye suffer in the tax year?
O £4,860
O £4,900
O £5,029
O £5,000

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