The table shows the annual income-tax bands in an economy.
| Band | Taxable income | Tax rate |
|---|---|---|
| Personal allowance | First £12,570 | 0% |
| Basic rate | £12,571 to £50,270 | 20% |
| Higher rate | Above £50,270 | 40% |
Amira earns £31,570 a year and has no other taxable income.
Calculate Amira's annual income-tax payment. Show your working.
30 exam-style questions on OCR GCSE Economics 3.5 Fiscal policy, covering 3.5.1 Government spending and revenue, 3.5.2 Budget balance, surplus and deficit, 3.5.3 What is fiscal policy, 3.5.4 Calculate effects of taxes and spending, 3.5.5 Analyse effects of taxes and spending, 3.5.6 Costs and benefits of fiscal policy, and 3.5.7 Redistributing income and wealth. Each one has a worked solution and a mark scheme showing where the marks go.