SmarterEd

Aussie Maths & Science Teachers: Save your time with SmarterEd

Financial Maths, STD1 EQ-Bank 23

The table shows JobSeeker Payment rates per fortnight.

\begin{array} {|l|c|}
\hline
\rule{0pt}{2.5ex} \textbf{Your situation} \rule[-1ex]{0pt}{0pt} & \textbf{Maximum fortnightly payment} \\
\hline
\rule{0pt}{2.5ex} \text{Single, no children} \rule[-1ex]{0pt}{0pt} & $793.60 \\
\hline
\rule{0pt}{2.5ex} \text{Single, with a dependent child or children} \rule[-1ex]{0pt}{0pt} & $849.90 \\
\hline
\rule{0pt}{2.5ex} \text{Partnered} \rule[-1ex]{0pt}{0pt} & $726.50 \\
\hline
\end{array}

  1. James is single with a dependent child and receives the maximum JobSeeker Payment. How much does he receive per fortnight?   (1 mark)
  2. James earns $280 per fortnight from casual work. His JobSeeker Payment is reduced by 50 cents for each dollar earned over $150 per fortnight. Calculate James's reduced JobSeeker Payment.   (1 mark)
Show Answers Only

a.    \($849.90\)

b.    \($784.90\ \text{per fortnight}\)

Show Worked Solution

a.    \(\text{From table: Single, with a dependent child} = $849.90\)
 

b.    \(\text{Income over free area} = 280-150=$130\)

\(\text{Reduction in payment} = 0.50\times 130=$65\)

\(\text{Reduced JobSeeker Payment} = 849.90-65=$784.90\)

\(\therefore\ \text{James receives }$784.90\ \text{per fortnight}\)