Economics

• What is a pension?

  A pension is a retirement plan that provides individuals with income after they retire. It is usually funded through regular contributions by the employee, employer, or both.
• What is income Tax For individuals?

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  1. For Individuals:

  • Income tax is calculated based on various sources of income, including wages, salaries, bonuses, interest, dividends, and other earnings.
  • Most countries have a progressive tax system, meaning the tax rate increases as income rises.
  • Deductions, credits, and exemptions can lower the amount of income that is subject to tax.
• What is income tax for a business?

  1. For Businesses:

  • Income tax is applied to the company's profits (revenue minus expenses).
  • Businesses may have different tax rates and regulations depending on their structure (e.g., corporation, partnership).
• What is National Insurance (NI)?

  National Insurance is a system of contributions paid by workers and employers to fund various state benefits and services.
• Who pays National Insurance contributions (NICs)?

  Employees, self-employed workers, and employers pay National Insurance contributions on earnings.
• What factors determine the amount paid in National Insurance contributions?

  The amount paid depends on the individual's income level and employment status.
• How are your deductions taken out of your wage?

  • Income Tax: Automatically deducted by employer based on earnings and tax status.
  • National Insurance/Social Security: Deducted for state benefits and services.
  • Pension Contributions: Taken out for retirement savings.
  • Health Insurance: Your share of premiums, if provided by employer.
  • Other Deductions: Union dues, student loans, charity, etc.

  Result: Deductions reduce your gross pay to net (take-home) pay.
• what is it meant by individual demand?


  a personal demand curve fro a good and services a personal demand curve fro a good and services