NICs

NICs
Amounts payable to HM Revenue & Customs by employees, their employers, and by self-employed workers. The amount of NIC payable by any person is determined by multiplying the earnings or profits (plus certain non-cash benefits) of the employee or self-employed person by the relevant percentage or fixed rate. The rate will depend on the "class" (for NIC purposes) of the person and the level of earnings or profits. NIC is typically not payable below a prescribed earnings or profits lower limit, and is also not payable, or payable at a reduced rate, beyond a prescribed earnings or profits upper limit.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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