During the Year 8 Maths lessons, students were given opportunity to learn about what a payslip looks like and what to look out for on these. It may be quite a while before they actually see one of these of their own, but the importance of seeing one now and how this links to the maths they are currently learning is invaluable.
Students were very intrigued to know about what a tax code is and their national insurance number and when they will receive these. They were not aware of how a few numbers in the tax code could impact the amount of tax each of us pay and the amount we end up taking home.
We then moved onto looking at the deductions, learning about when we pay income tax and the brackets of income tax that we can fall into. They also learned what national insurance is and how much we have to pay; they couldn’t believe that you started paying for national insurance at £9750 but income tax was £12500. Thankfully now, the government has made this a lot simpler, and they are both the same!
Overall, students were very keen to see where the money they earn goes and how tax and national insurance is calculated.