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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
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.