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 13

    During World War I, many taxpayers felt that it was their patriotic duty to pay more than their assessed tax. Some were not legally obliged to pay tax but did so and others made payments of double, treble or quadruple the assessed amounts.

Capital growth

Occurs when the value of an investment or asset increases over time.

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