financialmathematics year11 standard
- MST-11-03 solves financial problems involving earning money and taxation
đź“– Prior Knowledge
| Content | Prior knowledge | Used for |
|---|---|---|
| Financial Mathematics A | - earning money - tax | - repeated content |
Ways of earning
- Solve problems involving salaries
- Solve problems involving wages, penalty rates for overtime, weekends and public holidays, given an hourly rate of pay
- Calculate an individual’s earnings from commission, sliding scale commission, piecework, royalties, government payments and as a sole trader
- Calculate weekly, fortnightly, monthly and yearly earnings assuming 1 year = 52 weeks
- Calculate leave loading by finding a percentage of eligible normal pay
- Use a spreadsheet to model an employee’s income including overtime, salary, bonuses, commission, piecework and royalties
Taxation
- Determine taxable income by examining allowable deductions
- Determine tax payable by interpreting and applying information in tax tables
- Calculate the weekly, fortnightly or monthly tax to be deducted from a worker’s pay under the Australian Pay-As-You-Go (PAYG) taxation system using tax tables
- Calculate the Medicare levy from taxable income
- Calculate net earnings after deductions, taxation and the Medicare levy
- Determine by calculation if more tax is payable or if a refund is owed after completing a tax return
- Use a spreadsheet to model scenarios involving taxation