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Jane buys a laptop online for $699, plus a shipping cost of $30 - Junior Cycle Mathematics - Question 1 - 2022
Question 1
Jane buys a laptop online for $699, plus a shipping cost of $30. The exchange rate is $1 = €0.90. Work out in euro the total cost to Jane of buying the laptop onlin... show full transcript
Worked Solution & Example Answer:Jane buys a laptop online for $699, plus a shipping cost of $30 - Junior Cycle Mathematics - Question 1 - 2022
Step 1
Work out in euro the total cost to Jane of buying the laptop online.
Answer
To find the total cost in euros, we first need to add the cost of the laptop and the shipping:
Cost of laptop: 30
Total in dollars:
Now, we convert this total to euros using the exchange rate of $1 = €0.90:
Thus, the total cost to Jane of buying the laptop online is €656.10.
Step 2
Work out Jane’s annual income tax at each of these two rates (20% and 40%).
Answer
- For the first €44,300, the tax rate is 20%:
- For the remaining amount of €11,700 (i.e., €56,000 - €44,300), the tax rate is 40%:
Step 3
Work out Jane’s annual take-home pay.
Answer
To calculate Jane’s annual take-home pay, we will subtract the total tax from her gross income and then add her tax credits:
Gross income: €56,000 Total tax: €8,860 + €4,680 = €13,540 Tax credits: €3,300
Take-home pay calculation:
Therefore, Jane’s annual take-home pay is €45,760.