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Parents Pricing Home Junior Cycle Mathematics Bills, Taxes & Wages Cathy works in a bakery and earns €8.65 per hour
Cathy works in a bakery and earns €8.65 per hour - Junior Cycle Mathematics - Question 2 - 2012 Question 2
View full question Cathy works in a bakery and earns €8.65 per hour. She works 40 hours a week. Find Cathy’s gross pay for the week.
Cathy has to pay income tax at a rate of 20%. Find... show full transcript
View marking scheme Worked Solution & Example Answer:Cathy works in a bakery and earns €8.65 per hour - Junior Cycle Mathematics - Question 2 - 2012
Find Cathy’s gross pay for the week. Only available for registered users.
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To calculate Cathy’s gross pay, we multiply her hourly wage by the number of hours worked per week:
e x t G r o s s P a y = e x t H o u r l y W a g e i m e s e x t H o u r s W o r k e d = € 8.65 i m e s 40 = € 346.00 ext{Gross Pay} = ext{Hourly Wage} imes ext{Hours Worked} = €8.65 imes 40 = €346.00 e x t G ross P a y = e x t Ho u r l y Wa g e im ese x t Ho u rs W or k e d = €8.65 im es 40 = €346.00
Find Cathy’s gross tax. Only available for registered users.
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To find Cathy’s gross tax, we apply the income tax rate of 20% to her gross pay:
e x t G r o s s T a x = e x t G r o s s P a y i m e s 20 = € 346.00 i m e s 0.20 = € 69.20 ext{Gross Tax} = ext{Gross Pay} imes 20\\%
= €346.00 imes 0.20 = €69.20 e x t G ross T a x = e x t G ross P a y im es 20 = €346.00 im es 0.20 = €69.20
Find Cathy’s net tax. Only available for registered users.
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Cathy’s net tax can be calculated by subtracting her tax credit (€20) from her gross tax:
e x t N e t T a x = e x t G r o s s T a x − e x t T a x C r e d i t = € 69.20 − € 20 = € 49.20 ext{Net Tax} = ext{Gross Tax} - ext{Tax Credit} = €69.20 - €20 = €49.20 e x t N e tT a x = e x t G ross T a x − e x t T a x C re d i t = €69.20 − €20 = €49.20
How much per week is she left with? Only available for registered users.
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To find out how much Cathy has left per week, we subtract her net tax from her gross pay:
e x t A m o u n t L e f t = e x t G r o s s P a y − e x t N e t T a x = € 346.00 − € 49.20 = € 296.80 ext{Amount Left} = ext{Gross Pay} - ext{Net Tax} = €346.00 - €49.20 = €296.80 e x t A m o u n t L e f t = e x t G ross P a y − e x t N e tT a x = €346.00 − €49.20 = €296.80
Find the interest earned in that year. Only available for registered users.
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The interest earned can be calculated using the formula for simple interest. Assuming the interest rate is 4.5%, the formula is:
e x t I n t e r e s t = e x t P r i n c i p a l i m e s e x t R a t e = € 1650 i m e s 0.045 = € 74.25 ext{Interest} = ext{Principal} imes ext{Rate} = €1650 imes 0.045 = €74.25 e x t I n t eres t = e x t P r in c i p a l im ese x t R a t e = €1650 im es 0.045 = €74.25
Calculate the electricity bill. Only available for registered users.
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The electricity bill consists of two parts: the total cost of units consumed and the standing charge. The cost of units consumed is:
e x t C o s t f o r U n i t s = e x t U n i t s U s e d i m e s e x t C o s t p e r U n i t = 250 i m e s 0.20 = € 50 ext{Cost for Units} = ext{Units Used} imes ext{Cost per Unit} = 250 imes 0.20 = €50 e x t C os t f or U ni t s = e x t U ni t s U se d im ese x t C os tp er U ni t = 250 im es 0.20 = €50 The total bill is:
e x t T o t a l B i l l = e x t C o s t f o r U n i t s + e x t S t a n d i n g C h a r g e = € 50 + € 30 = € 80 ext{Total Bill} = ext{Cost for Units} + ext{Standing Charge} = €50 + €30 = €80 e x t T o t a lB i ll = e x t C os t f or U ni t s + e x t St an d in g C ha r g e = €50 + €30 = €80
Does Cathy have enough money from the interest to pay the electricity bill? Only available for registered users.
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Cathy has earned €74.25 from interest, while her electricity bill is €80. Thus,
e x t N e t A f t e r P a y i n g B i l l = € 74.25 − € 80 = − € 5.75 ext{Net After Paying Bill} = €74.25 - €80 = -€5.75 e x t N e t A f t er P a y in g B i ll = €74.25 − €80 = − €5.75 Cathy does not have enough money from the interest to pay the bill, as she would need €5.75 more.
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