6.2 Income


People receive money in several ways. Earning money by working is a common one. When working, individuals use their work skills, talents, and abilities in a productive way.

Just because the employer says you will earn £10 an hour or £20,000 a year does not mean that you have all of that money in your weekly or monthly pay. Part of your earnings will go to pay taxes, and those taxes are deducted from the amount you receive. Other payroll deductions—such as insurance, retirement or other employee benefits could also be deducted from your check.

Have you received a paycheck and wondered where all of the money went? Or, have you heard someone in your family complain about having to pay all of those taxes?

continue arrowIncome