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Unit 1 Financial Maths.notebook
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February 09, 2017
Financial Maths
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Learning Intention:Understand how salary and wages are calculated
Success Criteria:I can calculate wages and salaries from hourly rates, including overtime and bonuses
TerminologyWages
Salary
Commission
Time and a half/Double time pay
Profit
Usually a percentage of the
cost price added on for retailers
A percentage of the value of the goods sold. Often paid extra to a fixed wage.
One and a half or twice your
normal hourly rate
Sale Price
Cost Price
The price after a profit margin is added or discount is taken off
The wholesale price before
being sold for a profit
Earning Money
Gross Wage
Net Wage
Wage before tax and deductions are taken out
Wage after tax and deductions are taken out
A payment for a weeks work and is calculated on an hourly basis
Payment for a years work which is divided into monthly, fortnightly or weekly payments
Unit 1 Financial Maths.notebook
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Learning Intention:Understand how salary and wages are calculated
Success Criteria:I can calculate wages and salaries from hourly rates, including overtime and bonuses
Unit 1 Financial Maths.notebook
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Learning Intention:Understand how salary and wages are calculated
Success Criteria:I can calculate wages and salaries from hourly rates, including overtime and bonuses
Guided PracticeA B
Jade earns $8.00 per hour for working at McDonalds.
Over the Christmas holidays she worked a week with, 65 hrs
at normal rate, 5 hours at timeandahalf and 2 hours double
time on Boxing Day. Calculate her WAGE for the holidays. Calculate Chloe's holiday loading.
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Learning Intention:Understand how salary and wages are calculated
Success Criteria:I can calculate wages and salaries from hourly rates, including overtime and bonuses
Independent Practice
Challenge
Exercise 1C Questions 1, 2, 3, 4d, 5, 7, 9 12, 14
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Taxation
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(on next page)
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Taxation
Determine the Tax payable for an
income of $45 000?
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Use the 200162017 table from the ATO website for residents and foreign residents for this question.