Income

1. Income Hourly Rates / Wages Wages / Hourly Rates Weekly / Monthly Wages Wage Rises Commission Wages www.mathsrevision.com Overtime Pay Gross - Deductions = NET pay Exam Type Questions Created by Mr. Lafferty Maths Dept.

2. Starter Questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

3. Income Learning Intention Success Criteria 1. Understand the terms wage and salary. • We are learning to calculate wages. • Calculate wage / salary given hourly rate. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

4. Income Wages / Salary : How much a person is paid to do a job. Can be measured weekly, monthly or annually. www.mathsrevision.com Hourly rate : How much you get paid for an hours work. Created by Mr. Lafferty Maths Dept.

5. Income Example : Mick the mechanic hourly rate of pay is £6.50. Last week he worked 38 hours. What is his basic pay? www.mathsrevision.com Pay is = £6.50 x 38 = £247.00 Created by Mr. Lafferty Maths Dept.

6. Income Example : Jim is a joiner his hourly rate of pay is £10.50. He works 40 hours a week. What is his basic pay? www.mathsrevision.com Pay is = £10.50 x 40 = £420.00 Created by Mr. Lafferty Maths Dept.

7. 52 weeks in a year ! Income Example : A shop assistant gets paid £239 a week. How much is her annual salary. www.mathsrevision.com Annual Salary = £239 x 52 = £ 12 428 Created by Mr. Lafferty Maths Dept.

8. Income Example : A mechanic gets paid £1 100 a month. A bus driver gets paid £260 a week. Who gets the better annual salary. www.mathsrevision.com Mechanic : Annual Salary = £1 100 x 12 = £ 13 200 Annual Salary = £260 x 52 = £ 13 520 Bus Driver : Bus driver has better annual wage Created by Mr. Lafferty Maths Dept.

9. Income Now Try TJ N4 Lifeskills Exercise 1 Ch25 (page 198) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

10. Starter Questions Q1. Find the value of y when 2y + 6 = 24 Q2. Find the two missing angles www.mathsrevision.com Q3. Find two numbers that add give 10 and divide to give 4. Created by Mr. Lafferty Maths Dept.

11. Income Learning Intention Success Criteria 1. Understand the term hourly rate. • We are learning to calculate hourly rates. • Calculate hourly rates given the wage and hours worked. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

12. Income Example : Bill the gardener is paid £ 200 a week. He works 40 hours a week. What is his hourly rate? www.mathsrevision.com Hourly rate is = £200 ÷ 40 = £5.00 Created by Mr. Lafferty Maths Dept.

13. Income Example : Paul starts a new job and is promised a hourly rate of £4.90. His wage for the week was £153.60 for 32 hours Of work. Was the employers promise true. www.mathsrevision.com Pay is = £153.60 ÷ 32 = £4.80 False ! Created by Mr. Lafferty Maths Dept.

14. Income Now Try TJ N4 Lifeskills Exercise 2 Ch25 (page 199) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

15. Starter Questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

16. Income Learning Intention Success Criteria • We are learning to calculate weekly and monthly wages from annual salary. 1. Calculate weekly and monthly wages from annual salary. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

17. 52 weeks in a year ! 12 months in a year ! Income Example : William gets an annual salary of £ 30 000. What is his monthly wage. What is his weekly wage. www.mathsrevision.com £30 000 ÷ 12 = £ 2 500 Monthly wage: £30 000 ÷ 52 = £ 576.92 Weekly wage : Created by Mr. Lafferty Maths Dept.

18. Income Now Try TJ N4 Lifeskills Exercise 3 Ch25 (page 200) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

19. Starter Questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

20. Income Learning Intention Success Criteria • We are learning to calculate new wages after a wage rise. 1. Calculate a percentage rise. 2. Calculate new wages after a percentage rise. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

21. Income Example : Frances earned an annual salary of £ 20 000 last year. She receives a 10% rise this year. What is her new salary. www.mathsrevision.com Rise : 10 ÷ 100 x £20 000 = £ 2 000 New salary : £20 000 + £2 000 = £ 22 000 Created by Mr. Lafferty Maths Dept.

22. Income Example : Gerry earned an annual salary of £ 18 000 last year. He receives a 4% rise this year. What is his new salary. www.mathsrevision.com Rise : 4 ÷ 100 x £18 000 = £ 720 New salary : £18 000 + £720 = £ 18 720 Created by Mr. Lafferty Maths Dept.

23. Income Now Try TJ N4 Lifeskills Exercise 4 Ch25 (page 202) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

24. Starter Questions Q1. How much should I get if I work 30 hours at a rate of £5 per hour. Q2. Find the missing angle 33o Q3. Find 25% of 50 www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

25. Income Learning Intention Success Criteria • We are learning to calculate wages when commission is involved. 1. Understand the term commission. 2. Calculate wages involving commission. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

26. Income Commission : Money earned based on how much you sell. Usual expressed as a percentage. Write some people who get commission Car sales person www.mathsrevision.com Double glazing sales person Created by Mr. Lafferty Maths Dept.

27. Income Example : Ted sells car. He is paid a commission of 5% on any cars he sells. Last week he sold £ 20 000 worth of cars. How much commission was he paid ? www.mathsrevision.com Commission : 5 ÷ 100 x £20 000 = £ 1 000 Created by Mr. Lafferty Maths Dept.

28. Income Example : Henrik gets paid £60 for playing for his local football team. He gets a bonus of £30 for every goal he scores. If he scored a hat-trick in a game. How much was he paid. www.mathsrevision.com 60 + 3 x 30 = 60 + 90 = £150 Paid : Created by Mr. Lafferty Maths Dept.

29. Income Now Try TJ N4 Lifeskills Exercise 5 Ch25 (page 203) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

30. Starter Questions Q1. Find value of x when x + 4 = 16 Q2. Find two missing angles 32o www.mathsrevision.com Q3. Find 20 % of 150 Created by Mr. Lafferty Maths Dept.

31. Income Learning Intention Success Criteria • We are learning to calculate wages which include overtime / bonus rates. 1. Understand the terms overtime, ‘double time’ and ‘time and a half’ and bonus. www.mathsrevision.com 2. Calculate wages with overtime. Created by Mr. Lafferty Maths Dept.

32. Income Overtime : When you do extra work above your basic hours. You get a better hourly rate for overtime. Write down the two common rates of overtime www.mathsrevision.com Double time (x2) Time and a half (x1.5) Created by Mr. Lafferty Maths Dept.

33. Income Example : Percy the painter works for £6.00 per hour. His overtime rate is “Double time”. What does he get paid for 4 hours overtime. www.mathsrevision.com 4 hours Overtime is = 4 x £6 x 2 = £48.00 Created by Mr. Lafferty Maths Dept.

34. Income Example : John the gardener works a basic 40 hours a week. He does 5 hours overtime at ‘double time’ on Saturday. His hourly rate is £8 per hour. Work out his overtime pay and then his total pay. www.mathsrevision.com 5 hours overtime is = 5 x £8 x 2 = £80.00 40 hours basic time is = 40 x £8 = £320.00 Total pay is = £320 + £80 = £400 Created by Mr. Lafferty Maths Dept.

35. Income Example : Tim the shop assistance works a basic 30 hours a week. He does 4 hours overtime at ‘time and a half’ on Sunday. His hourly rate is £6 per hour. Work out his overtime pay and then his total pay. www.mathsrevision.com 4 hours overtime is = 4 x £6 x 1.5 = £36.00 30 hours basic time is = 30 x £6 = £180.00 Total pay is = £36 + £180 = £216.00 Created by Mr. Lafferty Maths Dept.

36. Income Now Try TJ N4 Lifeskills Exercise 6 Ch25 (page 204) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

37. Starter Questions • Two numbers add to give 12 and divide to give 3. Find the two numbers. • 2. Two numbers subtract to give 5 and • multiply to 24. Find the two numbers. • 3. Make your own question up. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

38. Income Learning Intention Success Criteria • We are learning to calculate NET pay. 1. Understand the terms Gross, Deductions and NET pay. www.mathsrevision.com 2. Calculate NET pay. Created by Mr. Lafferty Maths Dept.

39. Income Write down some Gross Pay : What you are paid by the employer. Deductions : Taken off your wages. Net Pay : Your take home pay. Tax www.mathsrevision.com National Insurance Pension Created by Mr. Lafferty Maths Dept.

40. Income Example : Calculate the Net wage for the following : £12 150 www.mathsrevision.com £10 120 £17 336 Created by Mr. Lafferty Maths Dept.

41. Income Example : Calculate the Net wage for this payslip : 704.00 149.00 www.mathsrevision.com 555.00 Created by Mr. Lafferty Maths Dept.

42. Income Example : Calculate the Net wage for this payslip : 739.15 207.76 www.mathsrevision.com 531.39 Created by Mr. Lafferty Maths Dept.

43. Have you updated your Learning Log ? Income Now Try TJ N4 Lifeskills Exercise 7 Ch25 (page 208) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

44. 1 KU 3 KU Created by Mr. Lafferty Maths Dept.

45. 3 KU Created by Mr. Lafferty Maths Dept.

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48. Walter is a double glazing salesman. Each month he earns £500 plus 5% commission on all his sales. Calculate the value of his sales in a month when his total earnings were £1900. Created by Mr. Lafferty Maths Dept.

49. Claire sells cars. She is paid £250 per month plus 3% commission on her sales. How much is she paid in a month when her sales are worth £72 000? Created by Mr. Lafferty Maths Dept.

50. Alice Anderson has a part-time job in a call centre. Her basic rate of pay is £6.50 per hour. At weekends she gets paid overtime at time and a half. Last week she was paid £136.50, which included 4 hours overtime. How many hours did she work at the basic rate? Created by Mr. Lafferty Maths Dept.