Definitions for "National Insurance Contributions" Add To Word List
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Most employees, employers and the self-employed pay national insurance contributions. The National Insurance Fund pays out benefits such as Jobseeker's Allowance, retirement pensions and Widow's Benefit.
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Effectively a tax which you pay as you earn. It's used to help fund the Social Security system including the State Pension and Unemployment Benefits.
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A form of tax that determines entitlement to a range of social security benefits, including the Basic State Pension.
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A form of tax on your salary or wages, used to fund certain state benefits. The tax is paid by most employers, employees and self-employed people.
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Regular payments to the State to build up the individual’s entitlement to benefits including Jobseeker’s Allowance, Incapacity Benefit and State Pension.
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Has operated in the United Kingdom since 1911 and works as a system of taxes and social security benefits.
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An additional form of "tax" paid by most employers, employees and self-employed people. The money collected is (broadly) used to pay for social security benefits. Class 1 Contributions are paid by employers and by employees with earnings above the lower limit. Class 2 Contributions are paid by the self-employed at a weekly flat rate. Class 3 Contributions are voluntary and are paid by those who do not earn enough to require Class 1 or Class 2 contributions to be made. Class 4 Contributions are paid by the self-employed.
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An additional form of tax paid by most employers, employees, self employed (and some unemployed) people. For the employed it is deducted from income by the employer on a scale related to income levels. The employed pay part flat rate, part income related. The unemployed may pay a flat rate voluntary contribution to keep their benefits entitlement up to date.
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A payment made by most employers, employees, self-employed (and some unemployed) people to the government to fund such things as national healthcare and education. For the employed it is deducted from income by the employer on a scale related to income levels. The employed pay part flat rate, part income-related. The self-employed and the unemployed may pay a flat-rate voluntary contribution to keep their benefits entitlement up to date.
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