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Why is the amount paid into a worker's bank account smaller than the wage agreed with the employer?
A
8% of qualifying earnings.
B
Net pay.
C
The agreed wage is gross pay, before deductions are taken off.
D
Employees pay National Insurance at 2% on earnings above £50,270 a year.
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2.7.3 Explain gross and net pay Flashcards
21 flashcards on OCR GCSE Economics 2.7.3 Explain gross and net pay: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.