Task B2.3 Tax for the under 18s

Step 1 of 7

There are six questions in this task.

Ivan's parents own and run their own business. They give Ivan $200 every week from their business. Ivan is 16, and this payment is his only income. They do the same for his sister Katie who is 14. Neither work in the business. This is Ivan and Katie's only income and they both put the income into a bank account in their own name. Assume they have been paid for 52 weeks.

  • Fact 12

    The expenses of World War I were so great that the Commonwealth Government introduced three new taxes in 1917: an entertainment tax, a wartime profits tax and a bachelor tax that raised such a bitter protest that it was never put into operation.

Unfranked dividend

A share of a company's distribution paid to a shareholder on which no tax has been paid by the company.

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