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3.5.4 Calculate effects of taxes and spending

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How is the government’s budget position calculated?

A
  • 20% up to £50,270
  • 40% up to £125,140
  • 45% above £125,140
B

£3,486: (£30,000 - £12,570) × 20%.

C

Only income inside the higher-rate band is charged at 40%.

D

Revenue minus spending.

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3.5.4 Calculate effects of taxes and spending Flashcards

  1. GCSE
  2. /Economics
  3. /3.5.4 Calculate effects of taxes and spending

23 flashcards on OCR GCSE Economics 3.5.4 Calculate effects of taxes and spending: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.

Flashcards