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The Technical Quiz: 8 August

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

The Technical Quiz MM 480

QUESTION ONE: Who of the following would not be required to pay national insurance?

A) Brian, aged 66, who works for a firm of accountants

B) Clare, aged 16, who has a paper round

C) Terry, aged 43, a self-employed businessman

D) Georgia, aged 21, who works in a pub

QUESTION TWO: Gary is a self-employed businessman. Which of the following national insurance contributions would he be liable to?

A) Class 1

B) Class 2 and 4

C) Class 3

D) Class 2 and 3

QUESTION THREE: Which one of the following are Class 1B national insurance contributions payable on?

A) Salary

B) Bonuses

C) Benefits in kind

D) Items subject to a PAYE settlement agreement

QUESTION FOUR: Employer national insurance contributions on benefits in kind are subject to which rate?

A) 10.4%

B) 12.8%

C) 13.8%

D) 14%

QUESTION FIVE: Which of the following benefits would not be dependent on your national insurance contributions?

A) Maternity allowance

B) Child benefit

C) State pension

D) Incapacity benefit

Questions supplied by Technical Connection

_________

Answers

1 A
2 B
3 D
4 C
5 B

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