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## Money

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**Money**Wages & Salaries National Insurance Wages Rises Income Tax Time-Sheets Banks & Building Societies Overtime Pay Savings and Interest www.mathsrevision.com Piecework & Commission Compound Interest Payslip Appreciation & Depreciation Working Backwards**Starter Questions**Q1. Factorise Q2. Write down the probability of picking out a number greater than 7 in the national lottery. www.mathsrevision.com Q3. If a = -2 and b = -1 calculate 4a2 – 3b2 Q4. Calculate**Wages & Salaries**Learning Intention Success Criteria 1. Understand the term weekly monthly and annual salary. • To explain how to work out weekly, monthly and annual salary / wage. • Calculate weekly, monthly and annual salary. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Wages & Salaries**Annual Wage / Salary How much a person is paid in a year 12 months in a year www.mathsrevision.com 52 weeks in a year Created by Mr. Lafferty Maths Dept.**Wages & Salaries**Example 1 : A shop assistant gets paid £12 428 a year. How much is her weekly wage. www.mathsrevision.com £12 428 ÷ 52 = £ 239 Weekly wage = Created by Mr. Lafferty Maths Dept.**Wages & Salaries**Example 2 : 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.**Wages & Salaries**Example 3 : Jim is a joiner his hourly rate of pay is £10.50. He works 40 hours a week. What is his basic weekly pay? What is his annual salary? www.mathsrevision.com Weekly Pay is = £10.50 x 40 = £420 Annual Salary = £420 x 52 = £21 840**Wages & Salaries**Example 4 : Daryl 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: Weekly wage : £30 000 ÷ 52 = £ 576.92 Created by Mr. Lafferty Maths Dept.**Wages & Salaries**Now try Ex 3.1 Ch 2 (page 27) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Find the roots for the quadratic to 1 decimal place Q2. Write down the probability of picking out a number greater than 20 in the national lottery. www.mathsrevision.com Q3. If a = -3 then find f(a) f(a) = 2a3 Q4. Does**Wages Rises**Learning Intention Success Criteria • To explain how to work out 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.**Wages Rises**Example 1 : 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.**Wages Rises**Example 2 : Amanda new weekly wage after a 5% pay rise , is £363.93 Calculate her wage before the rise. 100% + 5% = 105% www.mathsrevision.com 105% = 363.93 £346.60 100% = 363.93 ÷ 105 x 100 = Created by Mr. Lafferty Maths Dept.**Wages Rises**Now try Ex 3.2 Ch 2 (page 28) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Find the roots of the quadratic to 1 decimal place Q2. Write down the probability of picking out a number greater than 33 in the national lottery. www.mathsrevision.com Q3. If f(x) = (x + 1)(x - 2) find f(-1) Q4. Explain why the line y + 3x - 6 = 0 cut the x-axis at (2,0) .**Timesheet**Learning Intention Success Criteria • To work out hours worked from a time sheet using the counting method. 1. Calculate hours worked. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Timesheet**www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Timesheet**Example 1 : Frances starts work at 7.30am and finishes at 3pm. How many hours did she work. 7 hours 30mins www.mathsrevision.com 7.30am 8.00am 3pm Total 30mins + 7hours = 7hours 30 mins Created by Mr. Lafferty Maths Dept.**Timesheet**Example2 : Rachel hourly rate is £6.50. How much is her weekly wage. www.mathsrevision.com Weekly wage = 38.5 x 6.50 = £ 250.25 Created by Mr. Lafferty Maths Dept.**Timesheet**Now try Ex 4.1 Ch 2 (page 30) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Solve the equation to 1 decimal place Q2. Write down the probability of picking out a number greater than 49 in the national lottery. www.mathsrevision.com Q3. Factorise 9m2 – 25n2 Q4. Where does the line 2y -6x + 8 =0 cut y-axis.**Overtime Pay**Learning Intention Success Criteria • To explain how to work out wages which include overtime rates. 1. Understand the terms overtime, ‘double time’ and ‘time and a half’. www.mathsrevision.com 2. Calculate wages with overtime. Created by Mr. Lafferty Maths Dept.**Overtime Pay**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)**Overtime Pay**Example 1 : Anthony 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.**Overtime Pay**Example 2 : 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**Overtime Pay**Now try Ex 4.2 Ch 2 (page 31) Even questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Find the roots to 1 decimal place Q2. A sofa is reduced by 20% to £300 in a sale. Is the original price £360. www.mathsrevision.com Q3. Calculate**Commission**Learning Intention Success Criteria • To explain how to work out wages when commission is involved. 1. Understand the term commission. 2. Calculate wages involving commission. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Commission**Commission : Money earned based on how much you sell. Usual expressed as a percentage. www.mathsrevision.com Write some people who get commission Car sales person Double glazing sales person**Commission**Example 1 : Anthony does maths tuition and charges £12.50. (a) How much does he earn in a week if he does 9 lesson. (b) How much for a course of 20 lessons. www.mathsrevision.com (a) 12.50 x 9 = £112.50 (b) 12.50 x 20 = £250**Commission**Example 2 : Sean sells cars. 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**Commission**Now try Ex 5.1 Ch 2 (page 32) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Find the roots to 1 decimal place Q2. A house has increase by 10% to £77 000 in a year. Find the price before the increase. www.mathsrevision.com Q3. Find the gradient and where the line y +4x – 3 =0 cuts the x-axis. Q4. Calculate**Payslips**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.**Payslips**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**Payslips**Example 1 : Calculate the Net wage for the following : £12 150 www.mathsrevision.com £10 120 £17 336**Payslips**Example 2 : Calculate the Net wage for this payslip : 704.00 149.00 www.mathsrevision.com 555.00**Payslips**Example 3 : Calculate the Net wage for this payslip : 739.15 207.76 www.mathsrevision.com 531.39**Payslips**Now try Ex 6.1 Ch 2 (page 33) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Find the standard deviation for the data below Q2. Solve the equation www.mathsrevision.com 0 < x < 180**National Insurance**Contributions 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.**National Insurance**Contributions This is a government tax on earnings intended to contribute towards .......... Do you know the rest ! unemployment State Pension www.mathsrevision.com ill-health**National Insurance**Contributions Rates for 2004 / 05 www.mathsrevision.com**National Insurance**Contributions www.mathsrevision.com Calculate how much Kylo will pay in NIC if he earns £400 a week. He has to pay NIC on £400 - £91 = £309 £33.99 11% of £309 = 11 ÷ 100 x 309 =**National Insurance**Contributions Charlotte earns £1000 a week. How much NIC will she pay per week. www.mathsrevision.com She has to pay NIC on £610 - £91 = £519 @ 11% £1000 – £610 = £390 @ 1% £60.99 (11 ÷ 100 x 519) + (1 ÷ 100 x 390) =**National Insurance**Contributions Now try Ex 7.1 Ch 2 (page 35) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.**Starter Questions**Q1. Find the standard deviation for the data below Q2. Solve the equation www.mathsrevision.com 0 < x < 360**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.**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**Income Tax**Taxable Rates for 2004 / 05 www.mathsrevision.com