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S4 Credit Wages & Salaries Wages Rises Money www.mathsrevision.com Time-Sheets Overtime Pay Piecework & Commission Payslip National Insurance Income Tax.

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Presentation on theme: "S4 Credit Wages & Salaries Wages Rises Money www.mathsrevision.com Time-Sheets Overtime Pay Piecework & Commission Payslip National Insurance Income Tax."— Presentation transcript:

1 S4 Credit Wages & Salaries Wages Rises Money Time-Sheets Overtime Pay Piecework & Commission Payslip National Insurance Income Tax Banks & Building Societies Savings and Interest Compound Interest Appreciation & Depreciation Working Backwards

2 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Factorise Q2.Write down the probability of picking out a number greater than 7 in the national lottery. Q3.If a = -2 and b = -1 calculate Q4.Calculate 4a 2 – 3b 2

3 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.Understand the term weekly monthly and annual salary. 1.To explain how to work out weekly, monthly and annual salary / wage. 2.Calculate weekly, monthly and annual salary. Wages & Salaries

4 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Annual Wage / Salary How much a person is paid in a year Wages & Salaries 12 months in a year 52 weeks in a year

5 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. £ ÷ 52 = £ 239 Weekly wage = Example 1 : A shop assistant gets paid £ a year. How much is her weekly wage. Wages & Salaries

6 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. £1 100 x 12 = £ Annual Salary = Example 2 : A mechanic gets paid £1 100 a month. A bus driver gets paid £260 a week. Who gets the better annual salary. Wages & Salaries Mechanic : Bus Driver : £260 x 52 = £ Annual Salary = Bus driver has better annual wage

7 S4 Credit £10.50 x 40 = £420Weekly Pay is = Example 3 : Jim is a joiner his hourly rate of pay is £ He works 40 hours a week. What is his basic weekly pay? What is his annual salary? Wages & Salaries £420 x 52 = £21 840Annual Salary =

8 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Example 4 : Daryl gets an annual salary of £ What is his monthly wage. What is his weekly wage. Wages & Salaries £ ÷ 12 = £ Monthly wage: Weekly wage : £ ÷ 52 = £

9 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 3.1 Ch 2 (page 27) Odd questions Wages & Salaries

10 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 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. Q3.If a = -3 then find f(a) Q4.Does f(a) = 2a 3

11 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out new wages after a wage rise. 1.Calculate a percentage rise. Wages Rises 2.Calculate new wages after a percentage rise.

12 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Example 1 : Gerry earned an annual salary of £ last year. He receives a 4% rise this year. What is his new salary. 4 ÷ 100 x £ = £ 720 Rise : New salary : £ £720 = £ Wages Rises

13 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Example 2 : Amanda new weekly wage after a 5% pay rise, is £ Calculate her wage before the rise. 100% + 5% = 105% 105% = % = ÷ 105 x 100 = £ Wages Rises

14 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 3.2 Ch 2 (page 28) Odd questions Wages Rises

15 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 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. 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).

16 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To work out hours worked from a time sheet using the counting method. 1.Calculate hours worked. Timesheet

17 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Timesheet Name : Joe BloggsEmployee No Week10 InOutInOutTotal hours worked Mon Tue Wed Thurs Fri Total38.5

18 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Example 1 : Frances starts work at 7.30am and finishes at 3pm. How many hours did she work. 8.00am7.30am3pm Total 30mins + 7hours = 7hours 30 mins 30mins 7 hours Timesheet

19 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Example2 : Rachel hourly rate is £6.50. How much is her weekly wage. Weekly wage = 38.5 x 6.50 = £ Timesheet

20 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 4.1 Ch 2 (page 30) Odd questions Timesheet

21 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 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. Q3.Factorise Q4.Where does the line 2y -6x + 8 =0 cut y-axis. 9m 2 – 25n 2

22 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out wages which include overtime rates. 1.Understand the terms overtime, ‘double time’ and ‘time and a half’. Overtime Pay 2.Calculate wages with overtime.

23 S4 Credit 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 Double time (x2) Time and a half (x1.5) Overtime Pay

24 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. 4 x £6 x 2 = £ hours Overtime is = 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. Overtime Pay

25 S4 Credit 5 x £8 x 2 = £ hours overtime is = 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. 40 x £8 = £ hours basic time is = Total pay is = £320 + £80 = £400 Overtime Pay

26 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 4.2 Ch 2 (page 31) Even questions Overtime Pay

27 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 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. Q3.Calculate

28 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out wages when commission is involved. 1.Understand the term commission. Commission 2.Calculate wages involving commission.

29 S4 Credit Commission :Money earned based on how much you sell. Usual expressed as a percentage. Write some people who get commission Car sales person Double glazing sales person Commission

30 S4 Credit Example 1 : Anthony does maths tuition and charges £ (a) How much does he earn in a week if he does 9 lesson. (b) How much for a course of 20 lessons x 9 = £ (a) x 20 = £250 (b) Commission

31 S4 Credit Example 2 : Sean sells cars. He is paid a commission of 5% on any cars he sells. Last week he sold £ worth of cars. How much commission was he paid ? 5 ÷ 100 x £ = £ Commission : Commission

32 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 5.1 Ch 2 (page 32) Odd questions Commission

33 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Find the roots to 1 decimal place Q2.A house has increase by 10% to £ in a year. Find the price before the increase. Q3.Find the gradient and where the line y +4x – 3 =0 cuts the x-axis. Q4.Calculate

34 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out NET pay. 1.Understand the terms Gross, Deductions and NET pay. Payslips 2.Calculate NET pay.

35 S4 Credit Gross Pay:What you are paid by the employer. Tax National Insurance Deductions:Taken off your wages. Net Pay:Your take home pay. Write down some Pension Payslips

36 S4 Credit Example 1 : Calculate the Net wage for the following :GrossDeductions Net Wage £ £3 400 £ £2 905 £ £5 094 £ £ £ Payslips

37 S4 Credit Example 2 : Calculate the Net wage for this payslip : Payslips

38 S4 Credit Example 3 : Calculate the Net wage for this payslip : Payslips

39 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 6.1 Ch 2 (page 33) Payslips

40 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Find the standard deviation for the data below Q2.Solve the equation 0 < x < 180

41 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out NET pay. 1.Understand the terms Gross, Deductions and NET pay. 2.Calculate NET pay. National Insurance Contributions

42 S4 Credit This is a government tax on earnings intended to contribute towards Do you know the rest ! ill-health unemployment State Pension National Insurance Contributions

43 S4 Credit Rates for 2004 / 05RateWeeklyAnnual0% < £91 < £ % £91 - £610 £ £ % > £610 > £ National Insurance Contributions

44 S4 Credit National Insurance ContributionsRateWeeklyAnnual0% < £91 < £ % £91 - £610 £ £ % > £610 > £ Calculate how much Kylo will pay in NIC if he earns £400 a week. He has to pay NIC on£400 - £91 = £309 11% of £309 = 11 ÷ 100 x 309 = £33.99

45 S4 Credit National Insurance ContributionsRateWeeklyAnnual0% < £91 < £ % £91 - £610 £ £ % > £610 > £ Charlotte earns £1000 a week. How much NIC will she pay per week. She has to pay NIC on£610 - £91 = 11% £1000 – £610 = 1% (11 ÷ 100 x 519) + (1 ÷ 100 x 390) = £60.99

46 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 7.1 Ch 2 (page 35) National Insurance Contributions

47 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Find the standard deviation for the data below Q2.Solve the equation 0 < x < 360

48 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out Income Tax calculations. 1.Understand the term Income Tax. 2.Calculate Income Tax for a given salary. Income Tax

49 S4 Credit 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. Membership of professional bodies Special clothing equipment Income Tax

50 S4 Credit Taxable income Rate of Tax Up to £4745 0% £0 - £ % £ £ % Over £ % Income Tax Taxable Rates for 2004 / 05

51 S4 Credit Income Tax Calculate David’s income tax if he earns £ a year. Personal allowance £4745 Taxable Income £ – £4745 = £ % = 10% of £2020 = £202 £ % = 22% of ( £ £2020) Taxable income Rate of Tax Up to £4745 0% £0 - £ % £ £ % Over £ % = 22% of £ = £ Total Income tax = £202 + £ =

52 S4 Credit Income Tax Lauren, a successful business woman earns £ What is her total tax paid and her income after tax. Personal allowance £4745 Taxable Income £ – £4745 = £ % = 10% of £2020 = £202 £ % = 22% of ( £ £2020) = £ Taxable income Rate of Tax Up to £4745 0% £0 - £ % £ £ % Over £ % Total tax = £202 + £ = 40% = 40% of ( £ £31 400) = £13 542

53 S4 Credit Income Tax £ Taxable income Rate of Tax Up to £4745 0% £0 - £ % £ £ % Over £ % Total tax = £202 + £ = = £ Income after tax = £ £

54 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 8.1 & 8.2 Ch 2 (page 37) Even Numbers Only Income Tax

55 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Find the standard deviation for the data below Q2.Find the coordinates where the line and curve meet.

56 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how bank accounts work. 1.Understand the main services from a bank account. 2.Interpret bank statements. Banks & Building Societies

57 S4 Credit Banks and Building Societies help us manage our money. Banks & Building Societies What might we get if we open an account at a bank ? Credit Card Cash Card Cheque book DR = overdrawn

58 S4 Credit Banks & Building Societies Copy and complete the bank statement DR

59 S4 Credit 2-May-15Created by Mr. Lafferty Maths Dept. Now try Ex 9.1 Ch 2 (page 40) Banks & Building Societies

60 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.A line passes through the points ( 3, 8) and ( 5,10) (a) Find the gradient. (b)Where does the line cross the x and y axis. Q2.Solve x - 2y = 10 2x + y = 20

61 S4 Credit Learning Intention Success Criteria 1.To know the meaning of the term simple interest. 1.To understand the term simple interest and compound interest. 2.To know the meaning of the term compound interest. Savings & Interest 3.Know the difference between simple and compound interest. Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 61

62 S4 Credit Just working out percentages Simple Interest I have £400 in the Bank. At the end of each year I receive 7% of £400 in interest. How much interest do I receive after 3 years. How much do I now have? Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 62 Savings & Interest

63 S4 Credit Now try Ex 10.1 Ch2 (page 41) Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 63 Savings & Interest

64 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Find the standard deviation for the data below Q2.Find the coordinates where the line and curve meet.

65 S4 Credit Learning Intention Success Criteria 1.To know when to use compound formula. 1.To show how to use the compound formula for appropriate problems. 2.Solve problems involving compound formula. Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 65 Compound Interest

66 S4 Credit Compound Interest Interest calculated on new value every year Real life Interest is not a fixed quantity year after year. One year’s interest becomes part of the next year’s amount. Each year’s interest is calculated on the amount at the start of the year. Example Daniel has £400 in the bank. He leaves it in the bank for 3 years. The interest is 7% each year. Calculate the simply interest and then the compound interest after 3 years. Principal value Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 66

67 S4 Credit Daniel has £400 in the bank. He leaves it in the bank for 3 years. The interest is 7% each year. Calculate the compound interest and the amount he has in the bank after 3 years. Y1 : Interest = 7% of £400 = £28 Amount = £400 + £28 = £428 Y 2 : Interest = 7% of £428 = £29.96 Amount = £428 + £29.96 = £ Y 3 : Interest = 7% of £ = £32.06 Amount = £ £32.06 = £ Compound is £ £400 = £90.02Simple Interest is only £84 Interest = 7% of £400 = £28 3 x 28 = £84 Simple Interest Interest calculated on new value every year Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 67 Compound Interest

68 S4 Credit Easier Method Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 68 n = period of time Days, months years ± = increase or decrease I = initial value V = Value IMPORTANT Can only use this when percentage is fixed This is called the multiplier. Compound Interest

69 S4 Credit Calculate the money in the bank after 3 years if the compound interest rate is 7% and the initial value is £400. V= 400 x (1.07) 3 = £ Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 69 n = 3 ± = increase =1.07 I =400 Compound Interest

70 S4 Credit Now try Ex 10.2 Ch2 (page 43) Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 70 Compound Interest

71 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Solve the equations Q2.Find the coordinates where the line and curve meet.

72 S4 Credit Learning Intention Success Criteria 1.To know the terms appreciation and depreciation. 1.To understand the terms appreciation and depreciation. 2.Show appropriate working when solving problems containing appreciation and depreciation. Appreciation & Depreciation Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 72

73 S4 Credit Appreciation : Going up in value e.g. House value Depreciation : Going down in value e.g. car value Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 73 Appreciation & Depreciation

74 S4 Credit Average house price in Ayr has appreciated by 79% over past 10 years. If you bought the house for £64995 in 1994 how much would the house be worth now ? Appreciation = 79% x £ = 0.79 x £64995 = £ New value = Old Value + Appreciation = £ £ = £ Just working out percentages Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 74 Quicker Method Easier 1.79 x = £

75 S4 Credit Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 75 A Mini Cooper cost £ in 2002 At the end 2003 it depreciated by 23% At the end 2004 it will depreciate by a further 16% What will the mini cooper worth at end 2004? End 2003 Depreciation = 23% x £14625 = 0.23 x £14625 = £ New value= Old value - Depreciation = £ £ = £ Appreciation & Depreciation

76 S4 Credit Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 76 End 2003 Depreciation = 23% x £14625 = 0.23 x £14625 = £ New value= Old value - Depreciation New value= Old value - Depreciation = £ £ = £ End 2004 Depreciation = 16% x £ = 0.16 x £ = £ New Value = £ £ = £ = £ Appreciation & Depreciation

77 S4 Credit Now try MIA Ex 11.1 Ch2 (page 45) Odd Numbers Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 77 Appreciation & Depreciation

78 S4 Credit Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015Saturday, 02 May 2015 Starter Questions Q1.Solve the equations Q2.Solve the coordinates where the line and curve meet.

79 S4 Credit Learning Intention Success Criteria 1.To understand the process of work backwards. 1.To understand how to work backwards to find original price. 2.Solve problems using backwards process. Work Backwards Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 79

80 S4 Credit Example 1 After a 10% increase the price of a house is £ What was the price before the increase. Price before is 100% :£800 x 100 = £ % : 100 % + 10 % = £88 000Deduce from question : 110 % = £88 000We have : Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 80 Work Backwards

81 S4 Credit Example 2 The value of a car depreciated by 15%. It is now valued at £2550. What was it’s original price. Price before is 100% :£30 x 100 = £ % : 100 % - 15 % = £2 550Deduce from question : 85 % = £2 550We have : Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 81 Work Backwards

82 S4 Credit Now try MIA Ex 11.2 Ch2 (page 46) Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015Saturday, May 02, 2015created by Mr. 82 Work Backwards


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