#FinancialMathematics #Year11 #Standard >[!info]- [Earning money | NSW Curriculum Website](https://curriculum.nsw.edu.au/learning-areas/mathematics/mathematics-standard-11-12-2024/content/n11/faacdf9b3d) >- MST-11-03 solves financial problems involving earning money and taxation ## 📖 Prior Knowledge | Content | Prior knowledge | Used for | | --------------------------- | ------------------------ | -------------------- | | [[Financial Mathematics A]] | - earning money<br>- tax | - *repeated content* | ## Ways of earning - Solve problems involving salaries - Solve problems involving wages, penalty rates for overtime, weekends and public holidays, given an hourly rate of pay - Calculate an individual’s earnings from commission, sliding scale commission, piecework, royalties, government payments and as a sole trader - Calculate weekly, fortnightly, monthly and yearly earnings assuming 1 year = 52 weeks - Calculate leave loading by finding a percentage of eligible normal pay - Use a spreadsheet to model an employee’s income including overtime, salary, bonuses, commission, piecework and royalties ## Taxation - Determine taxable income by examining allowable deductions - Determine tax payable by interpreting and applying information in tax tables - Calculate the weekly, fortnightly or monthly tax to be deducted from a worker’s pay under the Australian Pay-As-You-Go (PAYG) taxation system using tax tables - Calculate the Medicare levy from taxable income - Calculate net earnings after deductions, taxation and the Medicare levy - Determine by calculation if more tax is payable or if a refund is owed after completing a tax return - Use a spreadsheet to model scenarios involving taxation