Income
How many weeks in a year?
52 weeks
What is the formula for simple interest?
I = Prn
Simple Interest=Principle x Interest Rate x Number of Time PeriodWhy might a person choose to invest money in a savings account?
To earn interest and save for the future
If you earn $20 per hour and work 5 hours, how much do you earn?
$100
What does PAYG stand for?
Pay-As-You-Go. Australia operates under a PAYG taxation system
What is simple interest
Interest that remains the same every year and does not grow over time.
A student earns $18.50 per hour. How much do they earn for an 8 hour shift?
$148
A casual worker earns $720 per week. Their tax rate is 19%. How much tax do they pay each week?
$136.80
What are allowable deductions?
Expenses that can be deducted from the taxable income to reduce the amount of tax owed.
A loan of $1,200 is taken at 8% per year. How much interest is owed after 18 months?
$144
You save $100 a month for 2 years in a bank account that earns no interest. How much will you have saved?
$2,400
An annual income of $50,000 is taxed at 20%. How much tax is paid?
$10,000
A job pays times and a half for overtime. If the normal rate is $22 per hour, how much is overtime per hour?
$33 per hour
An investment of $600 earns $180 in simple interest at 12%. How long was it invested for?
2.5 years
Jess earns $52,000 per year. She pays $8,000 in tax. What percentage of her income does to tax?
15% to the nearest whole amount
You earn $720 per week. What is your annual income?
$37,440
A worker earns $25 per hour. They work 38 hours and 4 hours overtime at double time. Calculate their weekly pay.
$1,150
A student borrows $1,500 at 10% simple interest for 4 years. What is the total repayment?
$2,100
A concert ticket costs $120. If 15,000 people attend, how much money is collected?
$1,800,000
Find the interest on $2,000 at 5% per year for 3 years
$300