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Learning Intention: Calculate the net income for your dream job.
Learning Intention: Calculate the net income for your dream job.
Success Criteria
Success Criteria
3. I have found a job that I'm interested in and calculate the net income.
Do Now
Do Now
1. Finding a Percentage of a Number - What is 25% of 60?
2. Finding the Whole Given a Percentage - 20% of a number is 30. What is the number?
3. Finding the Percentage - What percent of 200 is 50?
4. Percentage Increase/Decrease - A shirt originally costs $40 and is now on sale for $30. What is the percentage decrease?
5. Word Problem (Real-Life Application) - A pair of shoes costs $80. If there’s a 25% discount, how much will the shoes cost?
Learning Tasks
Learning Tasks
Quick Heads or Tails Question: If you get a pay raise and you go into a higher tax bracket, you will be pay overall less in your net income?
Listen to Ms Garlick and copy down the notes on how to calculate income tax.
Calculate the income tax you will have based on your starting salary.
Check your calculations by using the PAYE website. If the numbers don't match, what could be some of the reasons why?
Pick the annual net income and add it to your budget at the back of the booklet. Then, do a rate conversion to calculate on average how much you earn per month and per year.
Extra for the experts - How is a second, third income, etc taxed? Read this website.
Teacher Notes
Teacher Notes
Task 3 - An important question to clarify the misconception that moving up tax brackets means you'll be paid less money over all. Always say yes to a raise because that statement is false. Use it as a quick chance to talk about the sliding tax system and also give students a warning to be careful when politicians advertise their new tax policies. Will it actually help you or just help the rich get richer? Will we lose public funding for things if taxes are cut.
Stress the importance of understanding the difference between gross and net income. Jobs are advertised with gross income. But the money they are actually working within their budget is the net income. People often forget this and then overestimate the money they have, making it easy to go into debt.
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