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Money Matters

Money Matters. Wages & Salaries. Gross Pay , Net Pay and Deductions. Income Tax. VAT (Value Added Tax). Hire Purchase. www.mathsrevision.com. Insurance (House & Life). Foreign Exchange. Exam Type Questions. Starter Questions. www.mathsrevision.com. Wages & Salaries. Learning Intention.

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Money Matters

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  1. Money Matters Wages & Salaries Gross Pay , Net Pay and Deductions Income Tax VAT (Value Added Tax) Hire Purchase www.mathsrevision.com Insurance (House & Life) Foreign Exchange Exam Type Questions

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

  3. Wages & Salaries Learning Intention Success Criteria 1. Understand the terms wage and salary. • We are learning about wages and salaries calculations. • Calculate various types of wages / salaries. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  4. Salaries & Overtime 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. Salaries & Overtime Example : Sean 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. Salaries & Overtime Example : Adam 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. Salaries & Overtime Example : Michael 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.

  8. Salaries & Overtime Example : Caitlin is a shop assistant and 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.

  9. Salaries & Overtime 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.

  10. Salaries & Overtime Example : Liam sells double glazing. He is paid a commission of 15% on any windows he sells. Last month he sold £ 30 000 worth of windows. How much commission was he paid ? www.mathsrevision.com Commission : 15 ÷ 100 x £30 000 = £ 4500 Created by Mr. Lafferty Maths Dept.

  11. Salaries & Overtime Example : Caitlin is a door to door cosmetic saleswoman. She gets 7% commission on everything over £500 she sells. During the Christmas period she sold £6500 Worth of products. How much commission was she paid ? www.mathsrevision.com Value over £ : £6500 –£500 = £ 6000 Commission : 7 ÷ 100 x £6 000 = £ 420 Created by Mr. Lafferty Maths Dept.

  12. Salaries & Overtime Example : Lewis gets a basic salary of £150 a week plus 5% of the total value of doors he sells. He sold £4000 worth of doors last week. How much did he earn last week ? www.mathsrevision.com Commission : 5 ÷ 100 x £4 000 = £ 200 Total wage : £150 + £200 = £ 350 Created by Mr. Lafferty Maths Dept.

  13. Salaries & Overtime Example : Jordan 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.

  14. Salaries & Overtime 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.

  15. Wages & Salaries Now try TJ4+ Ex 4.1 Ch4 (page 21) www.mathsrevision.com Created by Mr. Lafferty Maths Department

  16. 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.

  17. Gross Pay , Net Pay Learning Intention Success Criteria • To explain how to work out NET pay. 1. Understand the terms Gross, Deductions and NET pay. www.mathsrevision.com 2. Calculate NET pay. Created by Mr. Lafferty Maths Dept.

  18. Gross Pay , Net Pay 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.

  19. Gross Pay , Net Pay Example 1 : Calculate the Net wage for the following : £12 150 www.mathsrevision.com £10 120 £17 336 Created by Mr. Lafferty Maths Dept.

  20. Gross Pay , Net Pay Example 2 : Calculate the Net wage for this payslip : 704.00 149.00 www.mathsrevision.com 555.00 Created by Mr. Lafferty Maths Dept.

  21. Gross Pay , Net Pay Example 3 : Calculate the Net wage for this payslip : 739.15 207.76 www.mathsrevision.com 531.39 Created by Mr. Lafferty Maths Dept.

  22. Gross Pay , Net Pay Now try 4+ Ex 4.2 Ch 4 (page 23) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  23. Starter Questions In pairs, write down important Points about Pythagoras Theorem www.mathsrevision.com

  24. Income Tax Learning Intention Success Criteria • To explain how to work out Income Tax calculations. • Understand the term • Income Tax. www.mathsrevision.com 2. Calculate Income Tax for a given salary. Created by Mr. Lafferty Maths Dept.

  25. Income Tax If your income in a tax year is below a certain value you do not pay tax. The tax allowance is made up of a personal allowance plus other special allowances. Special clothing equipment www.mathsrevision.com Membership of professional bodies

  26. Income Tax Rate of Tax 2014 www.mathsrevision.com

  27. Rate of Tax 2014 Calculate Paul’s Income Tax if his taxable income is £27 000 a year. www.mathsrevision.com Tax @ 20% : 20% of £27000 = 2700 x 2 = £5400

  28. 150000 – 32010 £117990 Rate of Tax 2014 Calculate Mr Lafferty’s Income Tax if his taxable income is £500 000 a year. www.mathsrevision.com Tax @ 20% : 20% of £32010 = 3201 x 2 = £6402 = £500000 - £32010 = £467990 Tax @ 40% : 40% of £117990 = 0.4 x 117990 = £47196

  29. Rate of Tax 2014 £467990 - £ 117990 = £350000 Tax @ 45% : 45% of £350000 = 0.45 x £350000 =£157500 www.mathsrevision.com Total Income Tax =£157500 + £47196 + £6402 = £211098

  30. Income Tax Now try 4+ Ex 4.3 Ch 4 (page 24) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  31. National 4 NUM 1.2 Starter Questions www.mathsrevision.com Compiled by Mr. Lafferty Maths Dept.

  32. Simple Bills & VAT National 4 NUM 1.2 Learning Intention Success Criteria • Understand the term VAT. 1. To explain how to calculate simple bills that include VAT. • Calculate simple bills that include VAT. www.mathsrevision.com Compiled by Mr. Lafferty Maths Dept.

  33. Simple Bills & VAT National 4 NUM 1.2 Value added Tax VAT means : Why do we pay it ? To pay for NHS, bin collection, School education etc…… www.mathsrevision.com What is the current percentage rate of VAT 17.5% Going up to 20% Created by Mr. Lafferty Maths Dept

  34. National 4 NUM 1.2 Money Problems www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  35. National 4 NUM 1.2 Money Problems 0 72 1 44 3 20 www.mathsrevision.com 1 5 3 6 Created by Mr.Lafferty Maths Dept

  36. National 4 NUM 1.2 Money Problems 1 44 0 45 0 76 www.mathsrevision.com 1 1 2 6 5 Created by Mr.Lafferty Maths Dept

  37. = 17.5 ÷ 100 x 132 = £23.45 National 4 NUM 1.2 Example : Copy and complete the garage bill. Money Problems A tax added by Government 78 50 53 50 1 1 1 www.mathsrevision.com 1 3 2 0 0 23 10 1 5 5 1 0 Created by Mr.Lafferty Maths Dept

  38. Money Problems = 17.5 ÷ 100 x 61.70 = £10.80 ( to nearest pence) Example : Copy and complete the garage bill. A tax added by Government 35 95 25 75 1 1 1 www.mathsrevision.com 6 1 7 0 10 80 1 7 2 5 0 Created by Mr.Lafferty Maths Dept

  39. VAT Now try 4+ Ex4.4 Ch4 (page 25) www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  40. National 4 NUM 1.2 Starter Questions Q1. Expand out 2j (k – 5g + 4jk) Q2. Find all the missing angles 25o www.mathsrevision.com Q3. Created by Mr. Lafferty Maths Dept.

  41. Hire Purchase National 4 NUM 1.2 Learning Intention Success Criteria • To know the meaning of the terms HIRE PURCHASE. • To understand the • terms Hire Purchase. • Apply knowledge to calculations. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  42. Hire Purchase National 4 NUM 1.2 Hire Purchase : When you pay for goods by putting down a deposit and then paying the rest up in small fixed payments over a period of time. www.mathsrevision.com Normally you pay more for the goods using this method. Created by Mr. Lafferty Maths Dept.

  43. Hire Purchase National 4 NUM 1.2 Buying Products Hoover Cash Price £120 or by H.P. £30 deposit + 12 Payment £8.50 www.mathsrevision.com How much more do you pay by using Hire Purchase Total H.P. price = £30 + 12 x £8.50 = £132 Difference in price = £132 - £120 = £12 Created by Mr. Lafferty Maths Dept.

  44. Loans & Hire Purchase National 4 NUM 1.2 Buying Products Washing Machine Cash Price £365.50 or by H.P. £75 deposit + 12 Payment £28.80 www.mathsrevision.com How much more do you pay by using Hire Purchase Total H.P. price = + 12 x £28.80 = £420.60 £75 Difference in price = £420.60 - £365.50 = £55.10 Created by Mr. Lafferty Maths Dept.

  45. Hire Purchase Now try 4+ Ex4.5 Ch4 (page 27) www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  46. Salaries & Overtime Example 3 : Calculate the Net wage for this payslip : 739.15 207.76 www.mathsrevision.com 531.39 Created by Mr. Lafferty Maths Dept.

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

  48. Building & Life Insurance Learning Intention Success Criteria • To calculate Building & Life Insurance from a table of values taking account various factors. • 1. Read information from a chart. • 2. Calculate Building & Life Insurance taking in various factors. www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  49. Roof, walls, floor etc... Building & Life Insurance TV, DVD, Washing Machine You NEED to buy building insurance in case anything goes wrong with your house. Jewellery, very expensive gifts. It is a good idea to buy content insurance in case your house gets broken into or items breakdown. www.mathsrevision.com It is a good idea to valuables insurance in case your house gets broken into. Created by Mr. Lafferty Maths Dept

  50. Building & Life Insurance www.mathsrevision.com * Building & Contents 10% discount for each year no claims ** Maximum discount 30% Created by Mr.Lafferty Maths Dept

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