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|MA5.2-4NA Financial Mathematics - Earning Money and Taxation | Mathematics Stage 5.1/5.2 Year 9 2014 |
|Summary of Sub Strands |Duration: 4.5 weeks |
|S4 Fractions, Decimals and Percentages |Start Date: |
|S4 Financial Mathematics |Completion Date |
| |Teacher and Class: |
|Unit overview |Outcomes |Big Ideas/Guiding Questions |
|Throughout this unit students will be focusing |MA5.1-4NA solves financial problems involving | |
|on Earning Money through wage and non-wage |earning, spending and investing money | |
|sources (including salary, commission, |MA5.1-1WM uses appropriate terminology, diagrams | |
|piecework, government benefits etc.) They will |and symbols in mathematical contexts | |
|also look at deductions from wages including |MA5.1-2WM selects and uses appropriate strategies | |
|taxation. They will perform operations with |to solve problems | |
|Decimals, Fractions and Percentages |MA5.1-3WM provides reasoning to support conclusions| |
| |that are appropriate to the context | |
| |MA5.2-4NA solves financial problems involving | |
| |compound interest | |
| |MA5.2-1WM selects appropriate notations and | |
| |conventions to communicate mathematical ideas and | |
| |solutions | |
| |MA5.2-2WM interprets mathematical or real-life | |
| |situations, systematically applying appropriate | |
| |strategies to solve problems | |
| | |Key Words |
| | |Hourly rate, weekly earnings, monthly pay, per annum, hourly, weekly, monthly, fortnightly, |
| | |quarterly, yearly, annual, taxable income, overtime, penalty rates, pay rates, conditions, pay |
| | |slips, earnings, commission, piecework, salary, wage, leave loading, time and a half, double time, |
| | |normal time, loading, PAYG, deductions, taxation, tax, retainer tables, tax rates, financial year, |
| | |tax refund, Medicare Levy, Family Tax Benefit, net earnings, tax return, bonus, superannuation, |
| | |allowance, Tax free threshold, net income, gross income |
|Catholic Perspectives |School Free Design |
|MacKillop College Bathurst is a Catholic faith community, dedicated to the education of young women. |This is a free design area for schools to add local additional areas. This could include: |
|The Mathematics teachers undertake to uphold the ethos and teachings of the Catholic church and to |Context if you prefer the unit overview and context to be separate |
|support the liturgical life of the College. They promote in the classroom a sense of compassion, |School focus for learning – eg blooms taxonomy, solo taxonomy, contemporary learning, habits of |
|respect between students and staff and a positive and supportive learning environment. |mind, BLP (building learning power) |
|Numeracy operates within a variety of social contexts. From a Catholic perspective, numeracy must be |Any specific social and emotional learning which could be embedded into the unit eg enhanced group |
|infused with a vision of the innate dignity of all students, as created in the image and likeness of a|work |
|loving, generous and creating God. Teachers of Mathematics have an obligation to not only teach their | |
|students the skills and knowledge to be numerate, but to teach from a Catholic perspective. Teachers | |
|are called to challenge their students to use the skills and knowledge they have acquired to bring | |
|about social change in the world. | |
|Assessment Overview |
|An investigation to compare different job packages. |
|Quiz on conversion between months, yearly, weekly and fortnightly. |
|A project diary of the pros and cons for various pay options. |
|Reg |Content |Teaching, learning and assessment |Resources |
| | |The required skills for this part of the unit were previously studied in Stage 4 unit Fractions, |GENERAL MONEY RESOURCES |
| | |Decimals and Percentages and in Financial Mathematics Stage 4. | |
| | |Proficiency with the following are required |a good general site on money matters for |
| | |competent using calculator |teens |
| | |comfortable with decimals, percentages and operations with money | |
| | |Adjustment: Pre assess students recall of stage 4 content and before proceeding review concepts that | |
| | |are not recalled or understood. Pre assessment make take the form of brainstorming, quizzes e.g. |General site on all money matters. Has case|
| | |Mathletics ,self-grading quizzes using Google docs, and appropriate remediation taken |studies and scenarios |
| | | | |
| | |Stimulate interest and discussion |
| | |Engage students through the discussion of real life examples. A good starting point would be with |=6257176&s_cid=Lead_News_RES |
| | |students’ casual jobs. In additional family members methods of earning income could be discussed. The |list of money based resources |
| | |aim of this discussion is to lead to uses of terminology , various types of incomes and methods of | |
| | |payment | |
| | | | |
| | |ICT | |
| | |The use of spreadsheets throughout this unit of work would be beneficial. Students would need to be | |
| | |able to put appropriate formula in to calculate things like overtime, leave loading, weekly, monthly, | |
| | |annual income etc. Links are provided throughout to promote this. | |
| | |Online device such as instagrok, mind 42, or voki could be used as a method of students demonstrating | |
| | |knowledge | |
| | | | |
| |At the end of this unit the student should be able to: | | |
| |Solve problems involving earning money |INVESTIGATION – teacher led |Job website |
| |calculate earnings from wages for various time periods, given |Initially, supply students with an example job which include information about hourly rates of pay. | |
| |an hourly rate of pay, including penalty rates for overtime |Investigate/create matching pay slip. This may lead to discussion about terminology such as “overtime”,| |
| |and special rates for Sundays and public holidays [pic] [pic] |“penalty rates”, “special allowances” etc. |
| |use classifieds and online advertisements to compare pay rates|Ask questions like |ir-Work-Payslip-Template.pdfve |
| |and conditions for different positions (Problem Solving) [pic]|Why does overtime exist? |The above template for a pay slip can be |
| |[pic] |Why penalty rates? |used in its entirety or just parts of it to|
| |read and interpret examples of pay slips (Communicating) [pic]|Is pay the only thing that determines which job you choose? |build on as you go |
| |[pic] | | |
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| | | |
| | | |au_sch_afonso_mfwa3_2/dnd/2_find.html |
| | |[pic] | |
| | |Student investigation |overtime link |
| | |This investigation should involve students searching out a number of different types of jobs (using |excel/overtime.htm |
| | |classifieds and other online tools) and gathering information about the methods of income. They should | |
| | |then create a pay slip for each of the jobs based on different scenarios e.g. Job 1- 38 hours normal, | |
| | |Job 2 – 35 normal hours, 2 hours at time and a half etc. | |
| |calculate weekly, fortnightly, monthly and yearly earnings |The aim this investigation is to introduce in real life situations some of the terminology involved | |
| | |with different rates of pay. | |
| | |The mathematical calculations need to be reinforced through repetition and practice | |
| | | | |
| | |Adjustment: For lower ability students the job information may be supplied and methods of calculation | |
| | |scaffolded. | |
| | | | |
| | |Students will need to undertake extensive practice with calculating income and be able to work | |
| | |backwards as well. | |
| | | | |
| | |Assessment : Through a quiz establish whether students are competent with conversion between units of | |
| | |time | |
| | |[pic] | |
| | |Using the (teacher led) example above, extrapolate weekly income to fortnightly and annual. Develop | |
| |calculate earnings from non-wage sources, including commission|flow diagram above |Scootle reference |
| |and piecework [pic] [pic] |Question - 1 month ≠ 4 weeks…why? |M008599 – division of earnings across |
| | |Pros and cons of hourly rate vs set salary |Australia |
| | | | |
| | |Observe in advertisements the different ways jobs can be advertised e.g. 200K, $35 per hour etc. and | |
| |calculate leave loading as 17.5% of normal pay for up to four |discuss how you would determine the wisest choice. What information do you need to make a decision? | |
| |weeks [pic] [pic] |Illustrate with examples calculating weekly, monthly, and annual wages. | |
| | | | |
| | | | |
| | | | |
| |research the reasons for inclusion of leave loading provisions| | |
| |in many awards (Reasoning) [pic] | | |
| | |Investigate/discuss types of employment where income doesn’t come from wage or salary. Categorise | |
| | |income into categories such as commission, piecework, allowances, overtime, bonus etc. based on the | |
| | |type of employment. | |
| |calculate net earnings after deductions and taxation are taken|Discuss possible scenarios where these types of payment would occur. | |
| |into account [pic] [pic] |What type of employment and who would likely be doing these jobs? | |
| | |Advantages and disadvantages of each type of income | |
| |use published tables or online calculators to determine the |Demonstrate methods of calculations | |
| |weekly, fortnightly or monthly tax to be deducted from a | | |
| |worker's pay under the Australian 'pay-as-you-go' (PAYG) |Visit the fair trading site to gather information regarding leave loading. | |
| |taxation system [pic] [pic] |Why do we have it? | |
| | |Who gets it? |Types of income |
| | |Award wages and where to find out about them |
| | |Demonstrate and practice methods of calculations |ics-of-earning-money/ |
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| | |NOTE: It would be worthwhile at the end of the section on earning money and after looking at various | |
| | |types of incomes to note that this is not the actual income received by an individual. | |
| | | | |
| | | | |
| | |Investigate the types of deductions from your pay e.g. tax, superannuation, union fees, HECS etc. |
| | |Develop( Net income = gross income – deductions from pay. |ing/annual-leave/pages/questions-about-annu|
| | |Demonstrate and practice methods of calculations |al-leave.aspx |
| | | | |
| |determine annual taxable income by subtracting allowable |Visit the ATO website and investigate the number of calculators etc. that are available. | |
| |deductions and use current tax rates to calculate the amount |Look at various tax tables and discuss the tax free threshold and Medicare levy , flood levy etc. | |
| |of tax payable for the financial year [pic] [pic] | | |
| | |Work through data supplied at the start of these weekly or fortnightly tax tables and discuss the | |
| | |meaning of Medicare levy, tax free threshold, non-resident status, | |
| |determine a worker's tax refund or liability by comparing the |Illustrate how the tables work and which columns to use. | |
| |tax payable for a financial year with the tax already paid |Discuss the pros and cons of a second job…tax implications etc. | |
| |under the Australian PAYG system (Problem Solving) [pic] [pic]| | |
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| | | | |
| | |Investigate allowable tax deductions for various industries using information available in “tax pack” | |
| | |or on the ATO website | |
| | |Discuss meaning of terms such as “Gross income”, and “taxable income” and how they relate to each | |
| | |other. |ATO website homepage for Individuals |
| | |Develop Taxable income = total income – allowable deductions |-------------------------------------------|
| | | |---- |
| |investigate how rebates and levies, including the Medicare |NOTE : students need to be aware that annual taxable income must include all sources of income e.g. |
| |levy and Family Tax Benefit, affect different workers' taxable|investment, interest etc. |spx?doc=/content/12333.htm&mnu=42904&mfp=00|
| |incomes (Problem Solving) [pic] | |1/002 |
| | | |income tax rates 2013 |
| | | |-------------------------------------------|
| | |NOTE: It is important to emphasise here that the “deductions” we speak of are to reduce your total |--- |
| | |income and must be work related expenses. They are different to deductions like superannuation and tax |
| | |that leave you a net pay |spx?doc=/content/33283.htm |
| | |The calculations for tax payable need be done using the tax tables provided on the ATO website as well |Tax tables |
| | |as the weekly/fortnightly ones |-------------------------------------------|
| | | |----- |
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| | | |00319921n25410612.pdf |
| | | |Blank tax return sample |
| | | |------------------------------------------ |
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| | |Use both |spx?doc=/content/32185.htm&pc=001/002/014/0|
| | |[pic] |14/001&mnu=0&mfp=&st=&cy= |
| | |and |e-tax |
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| | |[pic] | |
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| | |Students need to be able to calculate tax on gross income, tax on taxable income and determine whether |us_hsc/maths_xlnotes.html |
| | |a refund/payment is due and how much |calculates tax |
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| | |Using tax pack information and government website investigate research rebates available. Through | |
| | |example illustrate the differences they can make | |
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