Sales Tax
What percent is sales tax in Ontario?
13%
What does gross income mean?
The amount of money you earn BEFORE taxes.
What is net income?
Amount of money you take home after taxes
What does HST stand for?
Harmonized Sales Tax
What is Ms. Lyons and Ms. Radder in school for?
To become a teacher
You buy a shirt for $15.99. What is the total cost plus tax?
$18.07
You work 10 hours this pay period. Your hourly wage is $15/hour. What is your gross income?
$150
Your gross income is $1500 for your last pay period. You had $57.65 taken off in deductions. What is your net pay?
$1442.35
What is a TFSA?
Tax-Free Savings Account
What school does Ms. Lyons attend?
Nippissing University
You're buying some bananas for $2.99. The sales tax on produce is 5%. What is the total cost with tax for the bananas?
$3.14
Your hourly rate is 17.43/hour. You worked 48 hours this pay period. What is your gross income?
$836.64
Your gross income for this pay period is $790. You get 4.5% taken off for income tax. What is your net income?
$754.45
Explain the difference between a credit card and a debit card.
A debit card is when you are using money that is coming out of your bank account. Credit cards borrow money that you need to pay back later.
What profession does Mr. Broughton have?
High school teacher
You buy a shirt from H&M. The tag price is $22.49, however it is advertised for 40% off. What is the final price of the shirt with tax?
$15.25
You work 40 hours each week. Your hourly rate is $22.60/hour. What is your gross income from your pay period?
$1808
Your gross income is $1200 for this pay period. You have 2.4% deducted for EI and 6.2% deducted for income tax. What is your net income?
$1096.80
Where do your tax dollars go?
Community services, education, healthcare, parks, etc
How old is Mrs. Broughton going to be on her birthday?
41
You see the same pair of shoes sold at two different stores. The first store is offering a 15% discount off of the price of $84.99. The second store is offering a 5% discount off the same price and no tax included. Which is the better deal?
Store 1 - $81.63
Store 2 - $80.74
Store 2 has the better deal.
Jack's hourly rate is $25.75/hour. He worked 76 hours his last pay period. Jill's hourly rate is $38.90/hour. She worked 52 hours her last pay period. What are their gross incomes and whose is higher?
Jack - $1957
Jill - $2022.80
Jill has a higher gross income.
Your gross income for this pay period is $1475. You have the following deductions:
- 1.8% for CPP ,3.4% for EI, 7.3% for Income Tax
What is your net income?
1290.62
What is the 20-10 rule?
You should never borrow more than 20% of your yearly net income and monthly payments should not exceed 10% of your monthly net income
How old is Ms. Radder?
22