School Leavers Quiz - Answers

Answers to the School Leavers Quiz

1.What are your National Insurance contributions used for?

b) State pensions and other benefits

2. How much is your Personal Allowance this year?

b) £5,035

3. If you’re working in the holidays, what form should you fill in to make sure you don’t pay tax?

c) P38 (S)

4. If you want to make sure your savings aren’t taxed at 20%, do you:

d) Register by filling in a form R85

5. If you’re earning £16,500 a year, how much tax do you pay?

b) You get £5,035 tax free and pay tax on the next £2,150 at 10%
and
c) 22% on the balance of £9,315

6. What is Child Tax Credit?

b) The Government pays money to people over 16 who are responsible for a child

7. What age do you have to be to get the National Minimum Wage?

a) 16

8. When does the tax year start?

c) 6th April

9. If you get a student loan, when will you start paying it back?

c) When you’ve left college and are earning more than £15,000

10. If you’re eighteen years old and claiming Job Seeker’s Allowance, how much would you get?

d) £44.50 a week

11. It’s a good idea to keep:

a) Records

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