Aussie Maths & Science Teachers: Save your time with SmarterEd
Samanda opens a bank account and deposits $5000 into it. Interest is paid at 4% per annum, compounding annually.
Assuming no further deposits or withdrawals are made, what will be the balance in the account at the end of three years? (2 marks)
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The cash price of a large refrigerator is $2000.
A customer buys the refrigerator under a hire-purchase agreement.
She does not pay a deposit and will pay $55 per month for four years.
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Shaun decides to buy a new sound system on a hire-purchase plan.
The sound system is priced at $3500.
Shaun pays a 15% deposit and monthly repayments for five years.
If Shaun's total purchase price after paying the last instalment is $4425, calculate his monthly repayment. (3 marks)
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Brad investigated the cost of buying a $720 washing machine under a hire purchase agreement.
A 25% deposit is required and the balance will be paid in 24 equal monthly repayments of $27.90.
Calculate the amount of interest Brad pays on this purchase. (3 marks)
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A $2000 lounge suite was sold under a hire-purchase agreement.
A deposit of $200 was paid.
The balance was to be paid in 36 equal monthly instalments of $68.
Calculate the total interest paid in the purchase. (3 marks)
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Sandra has purchased a $4200 plasma television under a hire-purchase agreement. She paid $600 deposit and will pay the balance in equal monthly instalments of $318 over one year.
Determine the total amount of interest Sandra pays on this purchase. (3 marks)
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Sally purchased an electronic game machine on hire purchase. She paid $140 deposit and then $25.50 per month for two years.
What was the total amount that Sally paid? (2 marks)
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The table shows the income tax rates for the 2022-23 financial year.
\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{ Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$45 000}\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$45 001 – \$120 000}\rule[-1ex]{0pt}{0pt} & \text{\$5092 plus 32.5 cents for each \$1 over \$45 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$120 001 – \$180 000}\rule[-1ex]{0pt}{0pt} & \text{\$29 467 plus 37 cents for each \$1 over \$120 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$180 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$51 667 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}
Boonie is a professional cricketer and has a gross income of $145 000. During the financial year, he has allowable tax deductions of $1300 for cricket bats and pads.
What is Boonie's total amount of tax payable for the financial year? (3 marks)
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\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{ Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$45 000}\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$45 001 – \$120 000}\rule[-1ex]{0pt}{0pt} & \text{\$5092 plus 32.5 cents for each \$1 over \$45 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$120 001 – \$180 000}\rule[-1ex]{0pt}{0pt} & \text{\$29 467 plus 37 cents for each \$1 over \$120 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$180 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$51 667 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}
Using the tax table, what is the tax payable on $47 580?
On a weekend, Abbey works 8 hours at her normal pay rate and 12 hours at time and a half of her normal pay.
Abbey was paid $707.20 in total for this work.
What is her normal pay rate per hour? (2 marks)
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John, Olivia and Louis are picking grapes to earn money.
Their pay is based on the number of tonnes of grapes they pick.
| Tonnes picked | |
| John | 4 |
| Olivia | 3 |
| Louis | 1 |
Their total pay is $640.
How much does Olivia earn? (2 marks)
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David has a job selling mobile phone plans. His weekly salary, `W` dollars, is calculated using the rule below:
`W = 300 + 0.05 P`
where `P` is the total value in dollars of the mobile phone plans he sells that week.
David sold $32 000 worth of mobile phone plans in a given week.
What was David's salary in the week?
Bella is an electrician.
She charges $150 to attend a job and then a fixed price for each minute she spends on the job.
The graph below shows Bella's charge based on the number of minutes she spends at the job.
How much will Bella charge for a job that takes 60 minutes? (2 marks)
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Olivia earned $17.24 per hour working at a pizza store.
This week she worked for `8 1/4` hours.
She used the money she earned this week to buy concert tickets for herself and her friends.
Each concert ticket cost $14.15.
Calculate the maximum number of concert tickets Olivia could have bought? (2 marks)
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Tian is paid $20.45 per hour, as well as a meal allowance of $16.20 per day.
What are Tian's total earnings if she works 9 hours per day for 5 days?
The table shows the income tax rates for the 2019 – 2020 financial year.
\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{ Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$37 000}\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$37 001 – \$90 000}\rule[-1ex]{0pt}{0pt} & \text{\$3572 plus 32.5 cents for each \$1 over \$37 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$90 001 – \$180 000}\rule[-1ex]{0pt}{0pt} & \text{\$20 797 plus 37 cents for each \$1 over \$90 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$180 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$54 097 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}
For the 2019 – 2020 financial year, Wally had a taxable income of $122 680. During the year, he paid $3000 per month in Pay As You Go (PAYG) tax.
Calculate Wally's tax refund, ignoring the Medicare levy. (3 marks)
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Julia earns $28 per hour. Her hourly pay rate increases by 2%.
How much will she earn for a 4-hour shift with this increase?
Last year, Luke’s taxable income was `$87\ 000` and the tax payable on this income was `$19\ 822`. This year, Luke’s taxable income has increased by `$16\ 800`.
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Tom earns a weekly wage of $1025. He also receives an additional allowance of $87.50 per day when handling toxic substances.
What is Tom’s income in a fortnight in which he handles toxic substances on 5 separate days?
Theo is completing his tax return. He has a gross salary of $82 521 and income from a rental property totalling $10 920. He is claiming $13 420 in allowable deductions.
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\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{ Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$37 000}\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$37 001 – \$80 000}\rule[-1ex]{0pt}{0pt} & \text{\$3572 plus 32.5 cents for each \$1 over \$37 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$80 001 – \$180 000}\rule[-1ex]{0pt}{0pt} & \text{\$17 547 plus 37 cents for each \$1 over \$80 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$180 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$54 547 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}
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Jenny earns a yearly salary of $63 752. Her annual leave loading is 17.5% of four weeks pay.
Calculate her total pay for her four weeks of annual leave. (3 marks)
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Isabella works a 35-hour week and is paid at an hourly rate of $18. Any overtime hours worked are paid at time-and-a-half. In a particular week, she earned $1008.
How many hours in total did Isabella work in this week to earn this amount?
David is paid at these rates:
His time sheet for last week is:
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This income tax table is used to calculate Evelyn’s tax payable.
Evelyn’s taxable income increases from $50 000 to $80 000.
What percentage of her increase will she pay in additional tax?
A salesman earns $200 per week plus $40 commission for each item he sells.
How many items does he need to sell to earn a total of $2640 in two weeks?
Joe is about to go on holidays for four weeks. His weekly salary is $280 and his holiday loading is 17.5% of four weeks pay.
What is Joe’s total pay for the four weeks holiday?
Bob is employed as a salesman. He is offered two methods of calculating his income.
\begin{array} {|l|}
\hline
\rule{0pt}{2.5ex}\text{Method 1: Commission only of 13% on all sales}\rule[-1ex]{0pt}{0pt} \\
\hline
\rule{0pt}{2.5ex}\text{Method 2: \$350 per week plus a commission of 4.5% on all sales}\rule[-1ex]{0pt}{0pt} \\
\hline
\end{array}
Bob’s research determines that the average sales total per employee per month is $15 670.
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Luke’s normal rate of pay is $15 per hour. Last week he was paid for 12 hours, at time-and-a-half.
How many hours would Luke need to work this week, at double time, to earn the same amount?
Jane sells jewellery. Her commission is based on a sliding scale of 6% on the first $2000 of her sales, 3.5% on the next $1000, and 2% thereafter.
What is Jane’s commission when her total sales are $5670?
Billy worked for 35 hours at the normal hourly rate of pay and for five hours at double time. He earned $561.60 in total for this work.
What was the normal hourly rate of pay?
Jo qualifies for both Rent Assistance and Youth Allowance and receives a fortnightly payment from the government.
Rent Assistance is $119.40 per fortnight.
The maximum Youth Allowance is $402.70 per fortnight. It is reduced by 50 cents in the dollar for any income earned over $236 per fortnight.
Jo earns $300 per fortnight from a part-time job.
What is the total payment Jo receives each fortnight from the government?
An enterprise agreement has the following annual salary arrangements:
George's employer pays 6% more than the enterprise agreement. He is on Step 3 and receives an allowance for Leader 2.
What is George's gross monthly pay?
Luke's normal rate of pay is $24.80 per hour. In one week he worked 14 hours at the normal rate, 4 hours at time-and-a-half, and 3 .5 hours at double time. He was also paid a wet weather allowance of $50 for the week.
What was his pay for the week?