Earning money
Calculate wages, overtime, leave loading and income tax to find net pay.
Number · MA5-FIN-C-01
Sub-topics
Wages and overtime
Calculate weekly wages from a standard hourly rate, and gross pay including overtime at time-and-a-half or double time and weekend and public holiday penalty rates.
Leave loading and other income
Calculate leave loading as 17.5% of four weeks' normal pay, and find earnings from piecework, commission, and combinations of income sources.
Income tax and net pay
Calculate gross annual income from weekly, fortnightly or monthly wages, find income tax payable using a tax bracket table, and determine net annual income and net weekly pay after deductions.