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income tax activities
Try and work out how much tax should be paid in the following example:
You are earning £24,300 each year:
 
item rate tax payable  
Personal Allowance £6,475 £ £0.00
£6,476 - £37,400 20% £ £3565.00
£37,401 - £150,000 40% £ £0.00
Above £150,000 50% £ £0.00
Total payable   £ £3565.00
    show answers  
Have a look at the Inland Revenue website (www.hmrc.gov.uk) and download a Tax Return form, together with the guidance notes. Try filling in the form and working out how much tax you should be paying.
If you are working have a look at your wage slip.
  How much tax is being deducted?
  Do you think this is the correct amount?
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