M o n e y Book 1 Everyday Math Skills | 2009

1. SHOW ALL WORK – it is how you earn credit.

If needed, work on a separate paper. Identify Personal Finance
page & number foro each problem. HS21 Math CTE (0.5 credit)
2. CIRCLE ANSWERS that are difficult to identify.
3. ASK YOUR INSTRUCTOR if you have Lessons 1-12
questions.
NWT Literacy Council
 Acknowledgements

The NWT Literacy Council gratefully acknowledges the financial assistance for
this project from the Department of Education, Culture and Employment,
GNWT.

Lisa Campbell did the research and writing for this workbook. We would like to
thank Joyce Gilchrist for editing and reviewing this resource.

Contact the NWT Literacy Council to get copies of the Money Math Workbook.
Or you can download it from our website.

NWT Literacy Council

Box 761, Yellowknife, NT X1A 2N6
Phone toll free: 1-866-599-6758
Phone Yellowknife: (867) 873-9262
Fax: (867) 873-2176
Email: [email protected]
Website: www.nwt.literacy.ca

Money Math Workbook

Money Math Workbook Table of Contents

Table of Contents

Introduction.................................................................................................. Page 3

Personal Finances ........................................................................................Page 5

Making a Budget..................................................................................... Page 7-9

A Budget at a Glance.............................................................................. Page 10-11
Your Budget at a Glance.........................................................................Page 13
Cutting Expenses..................................................................................... Page 14-15
Time Card................................................................................................. Page 16-18
Earnings Statement................................................................................. Page 20-23
Calculating Gross Weekly Wages......................................................... Page 24-27
More on Wages........................................................................................ Page 28-29
Paying Income Tax.................................................................................. Page 30-32
Cashing Checks............................................................................. ........ Page 34-35
Doing Your Taxes.................................................................................... Page 36-37
Personal Finances Review...................................................................... Page 38-39

Answer Key......................................................................... .......................... Page 41-43

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Money Math Workbook

Introduction

Math is everywhere and yet we may not recognize it because it doesn't look like
the math we did in school. Math in the world around us sometimes seems
invisible. But math is present in our world all the time – in the workplace, in our
homes, and in our personal lives.

You are using math every time you go to the bank, buy something on sale,
calculate your wages, calculate GST or a tip.

Money Math has three sections. Each section has a variety of topics and
worksheets and a review page. The workbook is designed so that you can work
on your own or with others in your class.

Section One: Personal Finances

This section gives you an opportunity to reflect on your personal finances. You
learn to look at your expenses and set up a budget. You consider where you
might cut expenses in your daily living. You also learn how to calculate weekly,
monthly and yearly wages and how federal and NWT tax works.

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Personal Finances

This section has activities about personal finances from budgeting to calculating
the federal and NWT tax that is taken off pay checks. In this section you will be
required to use a variety of math skills:

• Addition • Order of operations

• Subtraction • Percent
• Multiplication • Graphing
• Division • Problem solving

This section has the following worksheets:

• Worksheet #1: Making a Budget
• Worksheet #2: A Budget at a Glance
• Worksheet #3: Your Budget at a Glance
• Worksheet #4: Cutting Expenses
• Worksheet #5: Time Cards
• Worksheet #6: Earnings Statement
• Worksheet #7: Calculating Gross Weekly Wages
• Worksheet #8: More on Wages
• Worksheet #9: Paying Income Tax
• Worksheet #10: Cashing Checks
• Worksheet #11: Doing Your Taxes
• Worksheet #12: Personal Finances Review

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Making a Budget #1
Addition, subtraction, multiplication

The first step to coming up with a good budget is comparing your income to your
expenses. Your income is the amount of money you get on a yearly basis. You may
have several sources of income: student loans, education allowance, income support,
child support, full-time job, part-time job, etc. Your expenses are everything that you
spend money on from rent to coffee.

Look at the example below.

Source of Income Monthly Yearly

Income Support $2450 $29,400

Part-time job $400 $4800

Child support $200 $2400

Total $3050 $36,600

Part 1: Figure out your monthly and yearly income. Fill in the chart below.

Source of Income Monthly Yearly

Total

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Part 2: Now it is time to calculate your monthly and yearly spending. You will have
two types of spending: fixed and variable. Fixed expenses happen every month. For
example, your rent would be a fixed expense. Variable expenses change each month.
Try and estimate how much these are on average per month.

Expenses Monthly Yearly

Housing (mortgage or rent) (fixed)

Utilities (fixed)

Day care (fixed)

Ongoing obligations like child

support (fixed)

Telephone

Cell phone

Food

Eating out (coffee, lunch, snacks etc)

Clothing

Home supplies (furnishings,

cleaning supplies, etc

Transportation (bus, taxi)

Car loans and maintenance

Vacations

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Recreation (movies, videos,

memberships, sports)

Gifts and contributions (charity,

church)

Personal expenses (haircuts, pet

expenses)

Babysitting

Other

Total Expenses

Part 3: Does your spending balance with your income?

Example: Does Mary’s spending and income balance?

Problem: Mary takes in $2550 per month. She spends $2680 per month.

Solution: Monthly income $2550

Monthly expenses ―$2680
–$180
Mary is $180 per month over her monthly budget and $2160 per year.

Your Turn!

Total monthly income

― Total monthly expenses

= Total monthly balance

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A Budget at a Glance #2
Percent, graphing, addition, subtraction

The circle below represents a person’s monthly income ($2500). From the total there
are the following expenses; rents costs $1250 (including utilities) food amounts to $500,
transportation is $100, clothing comes to $100 and other extra expenses are another
$250.

 rent

 food

 transportation

 clothing

 extra expenses

 savings

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1. What percentage does each item represent? Percentages are used to express how
large one quantity is, relative to another quantity. The first one is done for you.

a. Rent 1250 ÷ 2500 = 0.50

0.50 x 100 = 50%

b. Food

c. Transportation

d. Clothing

e. Extra expenses

2. How much does this person save each month? What is the
percentage?

3. On the circle shade in each expenses according to their percentage. Use different
colours to show each one. Fill the in the key at the side.

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Your Budget at a Glance #3

Percent, graphing, addition

Look at your budget and try and put all your expenses into 5-7 categories. For example
rent, food, clothing, transportation, daycare, etc. Calculate an amount for each
category. Then fill in the circle and the key on the side to represent your budget.








1. What percentage do you pay in rent or mortgage?

2. What percentage do you pay for food? __

3. Are you surprised by how much you pay for certain things? _

4. Do you have any money left over each month?

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Cutting Expenses #4
Multiplication, addition, subtraction

In the example on Worksheet #1, Mary spent $180 more per month and $2160 per year
than her budget allowed. How can Mary cut her expenses?

Example: Mary needs to cut her expenses.

Problem: Mary spends $2.50 per day during the week on a coffee.
How much would she save if she stopped getting her
coffee at the coffee shop?
Solution: $2.50 x 5 days x 52 weeks = $650
Mary would save $650 per year.

Calculate how much each person would save by cutting back on the following
expenses.

1. Michelle pays $85 per month for a fitness membership that she rarely uses.
How much money can she save in one year if she quits the fitness centre?

2. Lois buys about 3 packs of cigarettes per week. Cigarettes are $12.50 per pack. How
much money can she save in one year if she quits? _

3. Anne goes out to lunch every Friday. On average she spends around
$18 each time. How much money can she save in one year if she
stops going out for lunch each week?

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4. Joe buys his son a Gatorade each time his son plays hockey. The Gatorade costs $2.
His son usually plays 3 times a week for a half year. How much money can Joe save
if he brings water from home for his son instead of buying Gatorade?

5. Jackie usually rents at least 4 movies a week. Each movie costs $5. How much
money would she save in one year if she decided to rent only 2 movies per week?
_

6. Lisa likes to go to one movie per week. She usually spends $12 on her
ticket and $10 on a drink and popcorn. How much money would she
save in one year if she went on Tuesdays when the price of a ticket was
half off and she didn’t have any snacks? _

7. Ken really likes his lattes, but they are costing him a fortune. He spends
$5.75 each work-day for a large latte. Ken works 5 days a week. Ken
really needs to cut back on spending so he has decided to only get a
small latte at the cost of $3.75. How much money will Ken save over the
course of one year? _

8. Alice likes to have wine with her dinner on Friday and Saturday night. She usually
buys two bottles of wine for the weekend. She really needs to cut back on spending.
She decides to buy only one bottle per week. On average a bottle of wine costs $15.
How much does she save in one year?

9. Lori often takes a taxi instead of taking the bus. On average she takes 3 taxis a week
at a cost of $25. The bus would cost her only $6 a week. How much money would
she save in one week? One year?

10. What can you cut back on in your life to save money? Choose one thing and
calculate how much money you can save. _

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Time Cards #5
Multiplication, addition

Time cards are filled out by employees. Maximum regular hours (before overtime) are
40.

1. Hannah works in a kitchen and often works split shifts. Fill in the missing amounts
on Hannah’s time card.

Time Card

Employee: Hannah

Day In Out In Out Total Hours

Monday 6:00 AM 9:00 AM 11:00 AM 1:00 PM
Tuesday 7:00 AM 10:00 AM 11:00 AM 4:00 PM
Wednesday 6:00 AM 10:00 AM 12:00 PM 3:00 PM
Thursday 9:00 AM 12:00 PM 3:00 PM 7:00 PM
Friday 10:00 AM 3:00 PM 5:00 PM 9:00 PM
Saturday OFF OFF OFF OFF
Sunday 6:00 AM 1:00 PM 4:00 PM 6:00 PM
SALARY TOTAL
HOURS PER HOUR SALARY
Regular Hours $15.00
Overtime $22.50
TOTAL

2. If Hannah worked these hours each week, how much would she make in:

a. 2 weeks?

b. 4 weeks?

c. 1 year?

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3. Hannah usually gets around $30 per day in tips from the servers from the
restaurant.

a. How much money does she make in tips per week?

b. How much money does she make all together in one week?

c. How much per hour does this work out to be? (round to the nearest cent)
_

4. David works as a server at a restaurant and often works split shifts. Fill in the
missing amounts on David’s time card.

Time Card

Employee: David

Day In Out In Out Total Hours

Monday 10 AM 2:00 PM 5:00 PM 9:00 PM
Tuesday 10: 00 AM 2:00 PM
Wednesday 6:00 AM 9:00 AM 4:00 AM 8:00 PM
Thursday 10:00 AM 2:00 PM 5:00 PM 8:00 PM
Friday 6:00 AM 10:00 AM 4:00 PM 9:00 PM
Saturday 6:00 AM 2:00 PM 4:00 PM 7:00 PM
Sunday OFF OFF OFF OFF
Salary Total
Hours Per hour Salary
Regular Hours $10.00
Overtime $15.00
TOTAL

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5. If David worked these hours each week, how much would he make in:

a. 2 weeks?

b. 4 weeks? ___________
c. 1 year?

6. David relies on tips. Breakfast is served until 10:00 am. He usually makes about $40
for a breakfast shift, $60 for a lunch shift and $90 for a supper shift.

a. How much does David make in tips for the week?

b. How much does David make all together for one week?

c. How much does that add up to per hour? (rounded to the nearest cent)
_

7. If David worked the same hours each week (as per the time card) and made the same
amount in tips, how much would he make in:

a. 2 weeks?

b. 4 weeks?

c. 1 year? _

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Earnings Statement #6
Addition, subtraction, multiplication, division, percents

Below is an earnings statement for Sarah. Below is some terminology you will need to
know to answer the questions:

• Gross pay is the amount of money made before deductions

• Net pay is the amount of money made after deductions (take home pay)
• YTD means Year to Date
• Federal Tax is the tax taken off by the federal government
• NWT Tax is the tax taken off by the NWT government
• C.P.P. means Canada Pension Plan
• E.I. means Employment Insurance

Earnings Statement
Employee: Sarah From: 12/1 To: 12/14
Earnings Deductions
Description Hours Rate Amount Description Amount
Regular 80 $15.00 $1,200.00 Federal Tax $180.00
Over time 4 $22.50 $90.00 NWT Tax $70.80
C.P.P $64.39
E.I. $47.50
Total $1,290.00 Total $362.69
This Period YTD
Gross Pay $1,290.00 $29,670.00
Net Pay $837.31 $18,505.30

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Part 1: Answer the following questions using the earnings statement on the previous
page for Sarah. A normal day is 8 hours long.

1. How much was put into Sarah’s Canada Pension Plan this pay period?

2. How much was taken off for E.I. this pay period?

3. How much were Sarah’s gross earnings during this pay period?

4. How much did Sarah earn on an average day assuming that she worked a regular
work week? _

5. How many hours did Sarah work during this pay period?

6. How much were Sarah’s deductions? _

7. How much did Sarah take home (after deductions) this pay period?
_

8. How much was taken for Federal Tax this pay period? _

9. What are Sarah’s gross earnings this year so far?

10. What are Sarah’s net earnings this year so far?

11. Sarah gets time and a half for working overtime. If she works 10 hours overtime,
how much gross pay would she receive? _

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Part 2: Complete the earnings statement below and answer the questions on the next
page. A normal day is 8 hours.

Example: Lisa made $2350 for a two week period. She paid $352.50 in federal taxes.
Problem: What percent was taken off in federal tax?
Solution: Step 1: Divide the taxes by the amount made
$352.50 ÷ $2350 = .15 (you will always end up with a decimal)
Step 2: Multiply .15 x 100 to find the percent = 15%
15% was taken off for federal tax.

Earnings Statement
Employee: Patricia From: 07/1 To: 07/14
Earnings Deductions
Description Hours Rate Amount Description Amount
Regular 80 $22.00 $1,760.00 Federal Tax $298.65
Overtime 7 $33.00 $231.00 NWT Tax $117.47
C.P.P $78.23
E.I. $46.59
Total Total
This Period YTD
Gross Pay $28, 500
Net Pay $19,500

1. What was Patricia’s gross pay?

2. What were Patricia’s deductions?

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3. What was Patricia’s net pay?

4. How many hours did Patricia work during this pay period? _

5. How much gross pay has Patricia made this year? _

6. How much net pay has Patricia made this year? _

7. How much more money does Patricia make per hour in overtime? _

8. How much did Patricia make in overtime during this pay period? _

9. What percent was taken off for all deductions?(round to the nearest percent)

10. What percent was taken off for federal tax? (round to the nearest percent)
_

11. What percent was taken off for NWT tax? (round to the nearest decimal)
_

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Calculating Gross Weekly Wages #7

Multiplication, division, addition and subtraction, rounding off

Some people earn a salary, while others may earn a small salary plus commission on
sales. People earn money in many different ways.

Example 1: A traditional beader and sewer gets paid $250 per pair of
moccasins. It takes her 20 hours to complete a pair and it
costs her $30 in materials.
Problem 1: How much would she get paid if she made 5 pairs of
moccasins per month.
Solution: $250 x 5 = $1250
$30 x 5 = $150
$1250 - $150 = $1100
She would make $1100 after expenses.

Problem 2: How much per hour does she make?

Solution: 20 hours x 5 = 100 hours
$1100 ÷ 100 = $11 per hour
She makes $11 per hour.

Problem 3: How much would she make in one year if she consistently made and sold
5 pairs of moccasins per month?
Solution: $1100 x 12 = $13,200
She would make $13,200 per year.

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Example 2: John earns $31,200 a year plus commission. One week he

grossed $725. He had sold $2500 worth of merchandise.
Problem 1: How much does he make per week not including
commission.
Solution: $31,200 ÷ 52 weeks = $600
He makes $600 per week.

Problem 2: How much did he make in commission?

Solution: $725 - $600 = $125
He made $125 in commission.
Problem 3: What is his rate of commission?
Solution: $125 ÷$2500 x 100 = 5%
His rate of commission is 5%.

Directions: Calculate how much each person makes. Round your answers to the
nearest cent.

A. Salary

1. Sally's job pays her $3,500 per month. What is her gross average weekly
wage?

2. Jim grosses $27,000 a year. What is his gross weekly wage?

_

B. Hourly (A regular work week is 40 hours. Overtime pay is time and one-half).

1. Sue drives a truck for $15 an hour. If she worked 40 hours, what would be
her gross earnings for one week?

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2. Mark is a water truck driver. He makes $18 an hour. Determine his

earnings for a week if he worked 52 hours.

C. Piece Work

1. Gillian gets paid 17 cents a tree for tree planting in northern British
Columbia. In one week she planted 2437 trees. What is her wage?

2. A seamstress is paid $10 for every pair of pants made. How many pants
would have to be made to receive $520 a week?

D. Straight Commission

1. A real estate agent earns 2.4% on the sale of a house priced at $289,950.00.
How much does she earn on that house? _

2. A salesperson sells $5780 worth of merchandise in one day. From working

on commission his gross pay for that day was $179.18. What is his rate of
commission?

E. Salary Plus Commission

1. Dave earns $150 per week plus 3.8% commission. He sold $4175.68 in the
month of February. What is his gross monthly earning for February?

2. Mary earns $41,600 a year not including commission. One week she
grossed $950. She had sold $5000 worth of merchandise. What is her rate of
commission?

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F. Hourly Wage Plus Commission

1. Julie is a sales clerk at a bicycle shop. She is paid $12.25 per hour plus she
is given a commission of 8% of sales. In one week she worked 30 hours
and her sales were $2319.75. What is her gross weekly earnings for that
week? _

2. Sam is paid $14 per hour plus 6% of sales. If he worked 37.5 hours in one
week, what would his sales need to be for him to make $733.50 per week
before taxes? _

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More on Wages #8
Multiplication, addition

Calculate gross earnings for one week given the hours worked and the hourly rate. A
regular work week is 40 hours. Overtime pays time and one half. For example if a
person was paid $10 per hour, time and one half would be $15 per hour.

1. Job: Truck Driver

Hours Worked: 40

Hourly Rate: $20.75

Gross Earnings: _____ _

2. Job: Word Processing Operator

Hours Worked: 35.5

Hourly Rate: $16.50

Gross Earnings: _____ _

3. Job: Labourer

Hours Worked: 51

Hourly Rate: $20.00

Gross Earnings: _____ _

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4. Job: Auto Mechanic

Hours Worked: 60

Hourly Rate: $40.00

Gross Earnings: _____ _

5. Job: Plumber

Hours Worked: 41

Hourly Rate: $44

Gross Earnings: _____ _

6. Job: Tutor

Hours Worked: 17

Hourly Rate: $35.00

Gross Earnings: _____ _

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Paying Income Tax #9

Percent, multiplication, subtraction, addition

Everyone has taxes taken off their pay check. Taxes go towards things like health care,
roads and health and social programs. In the NWT we have both federal tax and NWT
tax.

This is how it works for federal tax on all taxable income for the year 2008:
• 15% on the first $38,832
• 22% on the next 38,832 (on the portion between $38,832 and $77,664)
• 26% on the next $48,600 (on the portion between $77,664 and $126,264)
• 29% over $126,264

The NWT tax is much less (all based on taxable income for the year 2008):
• 5.9% on the first $36,885 of taxable income
• 8.6% on the next $36,886(on the portion between $36,885 and $73,771)
• 12.2% on the next $46,164 (on the portion between $73,771 and $119,935)
• 14.05% on the amount over $119,936

Example: Laurie makes $45,891 per year.

Problem: How much is taken off in federal tax?
Solution: Step 1: Calculate 15% of $38,832 (15% = .15)
$38,832 x .15 = $5824.80
Step 2: $45,891 – $38,832 = $7,059
Step 3: Calculate 22% of $7,059 (22% = .22)
$7,059 x .22 = $1,552.98
Step 4: Add together: $5,824.80 + 1,552.98 = $7,377.78
Laurie has $7,377.78 taken off in federal taxes per year.

Directions: Answer the problems below about federal and NWT tax. Round your
answers to the nearest cent.

1. Susan makes $35,800 per year.

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a. How much does she pay in federal tax?. _

b. How much does she pay in NWT tax?

c. How much is her annual net pay if she also pays $780 in E.I. and $2150 in
C.P.P. in one year.? _

d. What percent of deductions is taken off her yearly salary (including E.I. and
C.P.P)? Round your answer to the nearest percent.

2. John makes $87,900 per year. He pays $1550 in E.I. and $3500 in C.P.P in one year.
He also pays $670 in health benefits per year. Round your answers to the nearest
cent.

a. How much does he pay in federal tax? _

b. How much does he pay in NWT tax?

c. How much is his annual net pay? _

d. What percent of deductions (all deductions including E.I., C.P.P. and health
benefits) is taken off his yearly salary? Round your answer to the nearest
percent.

3. Joan makes $123,790 per annum.

a. How much does she pay in federal tax?. _

b. How much does she pay in NWT tax?

c. How much does she pay in taxes?

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d. What percentage does she pay in taxes? Round your answer to the nearest
percent.

e. How much net pay would she receive if she gets paid every two weeks?

4. Helen makes $45 per hour and she works 37.50 hours per week.

a. How much money does she make per year?

b. How much does she pay in federal tax?. _

c. How much does she pay in NWT tax?

d. How much does she pay in taxes?

e. What percentage does she pay in taxes? Round your answer to the nearest
percent.

f. How much net pay would she receive if she gets paid every two weeks?

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Cashing Checks #10

Percent, multiplication, addition, subtraction

Some people like to cash their checks at the local check cashing
place. These places often make their money by taking off a certain
amount of money per check. It is better to have a bank account.
Banks do have some fees but they are not near the amount that
some companies charge.

One place charges a standard fee of $3.99 for each check and they also charge 3.99% of
the amount of the check. For example: If I had a check for $1000, I would be charged
$3.99 (standard fee) and 3.99% of the $1000. This would amount to $43.89.

Example: Derek wants to cash his check from work at the Money Mart. His check
is for $1100. 43

Problem: How much money will he get back after Money Mart takes their cut?

Solution: Step 1: Change the percent 3.99 into a decimal .0399

Step 2: 1100.43 x .0399 = $43.91 (rounded to the nearest cent)

Step 3: $43.91 + $3.99 = 47.90 (add the standard fee)

Step 4: 1100.43 ― $47.90 = $1052.53. (subtract from original amount)

Derek will receive $1052.53. If he does this with every pay check –
assuming he gets paid every two weeks – he will pay $1245.40 in
fees in one year.

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Directions: Find out how much the fee is for these people when they use a check
cashing business. Use the same fees in the example on the previous page: $3.99 per
check and 3.99% of the amount of the check. Round your answers to the nearest cent.

1. Jodi cashes her Income Support check at the a.

Money Mart. Her checks are for $1550 per
month. How much money does Jodi pay in b.
fees? How much does she pay over the year?

2. Sam was left some money from his aunt. He has a.

a check for $5500. He goes to the Money Mart to
cash it. How much money does he pay in fees? b.
How much money does he take home?

a.
3. Sarah needs money fast. She has a check
worth $2400. How much will she pay in fees? b.
How much will she take home?

4. Karen went and got her taxes done and she is a.

getting back $3300 in taxes. She is very excited
and wants to use the money to buy a used van. b.
She goes to the check cashing business in town
and cashes her check. How much money will
she pay in fees? How much will she take home?

5. Owen cashes his regular pay checks at the

check cashing place in town. He makes $2500 per
month. Calculate how much does he pay in fees
in one year? He gets paid once a month.

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Doing Your Taxes #11

Percent, multiplication, addition, subtraction

Every year we do our taxes. There are several ways you can do your
taxes. You can do them on your own either through a tax program on
the computer or you can fill out the forms by hand. You could get a
registered accountant to do your taxes or you could go to a place like H
& R Block.

Some people like to get what’s called “cash back.” “Cash back” means that the
business doing your taxes will give you a check right away for your taxes. This can
be very convenient but also quite expensive.

Some places charge 15% on the first $300 and then 5% on the remaining amount.

Example: Sarah gets her taxes done at a local tax place in Yellowknife. They
calculate that she should get $2300 back from the government. She opts to
get “cash back.”
Problem: How much money does Sarah get back after she pays the fees for the
service?
Solution Step 1: Convert 15% into a decimal = .15
Step 2: First $300 x .15 = $45
Step 3: Subtract $2300 - $300 = $2000
Step 4: Convert 5% into a decimal = .05
Step 5: $2000 x .05 = $100
Step 6: Add $100 + $45 = $145
Step 7: Subtract $2300 - $145 = $2155
Sarah will get back $2155. The fee for the service is $145.

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Personal Finances

Directions: Answer the following questions about “cash back.” Use the fees of 15% on
the first $300 and 5% on the remaining money.

1. Jeff is getting back $4500 in taxes. He opts to get a.

“cash back.” How much money does he pay in
fees? How much money will he get back? b.

2. Sally is getting back $5800 in taxes. She has a.

decided that she will get “cash back” only if she
has to pay under $250. How much will the fee b.
for “cash back” be? What does she decide to do?

3. Mary Rose needs to decide whether she will get

“cash back” or just pay the regular fee for getting a.
her taxes done and wait for her check from the
government. The regular fee is $90. She is b.
supposed to get back $1600. Calculate how
much she will pay in fees for “cash back.”
Compare this number to the regular fee. What is
the better option for Mary Rose?

4. Kathryn needs money quick. She wants to buy a

bike for her daughter. The bike costs $450. She a.
gets her taxes done and decides to get “cash
back.” She was supposed to get back $3300. b.
How much will she get back after she pays the
fees? How much money will she have after she
buys her daughter a bike?

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Money Math Workbook
 Personal Finances

Personal Finances Review #12

Answer the following questions about this section. Make sure you round your answers
to the nearest cent.

1. Susie needs to cut her expenses by $150 per month. She decides to cut out her daily
cappuccino during the week. It costs $4.50.

a. If she cuts her spending by $150 per month, how money will she save in one
year? _

b. How much does she save weekly by cutting out her daily cappuccino?
_

c. How much does she save yearly? _ _

d. How much does she still need to save per year to reach her goal?

2. Emily makes $24 per hour. She worked 80 hours of regular time for the last pay
period and 5 hours of overtime at $36 per hour.

a. What was her gross pay?

b. How much money in deductions was taken off her check if her net pay was
$1719.50?

c. What percent was taken off as deductions? (to one decimal place)

3. Chad makes $16 per hour. How much would he make for overtime hours?

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Money Math Workbook
Personal Finances

Refer back to page 26 for the next two questions.

4. Paul makes $45,000 per year. Calculate how much he pays in federal tax.

5. Brenda makes $95,000 per year.

a. How much does Brenda have taken off in federal tax? _ _

b. How much does Brenda have taken off in NWT tax?

c. What percent of taxes does Brenda have taken off her check? Round to the
nearest decimal place.
6. There are several places that cash checks for a fee in Yellowknife. One place
charges $3.99 per check and 3.99% of the amount of the check. Another place charges
a straight 4.05% of the amount of the check. Lisa has a check for $1250.00 that she
would like to get cashed. (Round all your answers to the nearest cent.)

a. How much will she pay in fees at the place that charges $3.99 per check and
3.99% of the amount of the check?

b. How much will she pay at the place that charges 4.05% of the amount of the
check?

c. Which place should she go to? _

d. How much does she pay in fees if she decides to get all her checks cashed at
this place for the year? She gets paid bi-weekly.
7. Jerri needs to get her taxes done and she wants to get “cash back.” The local place
charges 15% on the first $300 and 5% on the remaining amount. She is supposed to
get $5,000 back in taxes.

a. What will the fee be for “cash back?”_ _

b. How much will she get back? _

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Money Math Workbook
 Personal Finances

40
Money Math Workbook
 Answer Key

Answer Key
Making a Budget #1
Answers will vary.

A Budget at a Glance #2
1 a) rent 50% 1 b) food 20% 1 c) transportation 4% 1 d) clothing 4%
1 e) extra expenses 10%
2) $300, 12% 3) Answers will vary.

Your Budget at a Glance #3

Answers will vary.

Cutting Expenses #4
1) $1020 2) $1950 3) $936 4) $156 5) $520
6) $832 7) $520 8) $780 9) $19, $988 10) answers will vary

Time Card #5
1) Monday 5 hours, Tuesday 8 hours, Wednesday 7 hours, Thursday 7 hours, Friday 9 hours,
Sunday 9 hours
Total regular hours 40 x $15 = $600
Total overtime hours 5 x $22.50 = $112.50
Total pay = $712.50
2 a) $1425 2 b) $2850 2 c) $37,050
3 a) $180 3 b) $892.50 2 c) $19.83
4) Monday: 8 hours, Tuesday 4 hours, Wednesday 7 hours, Thursday 7 hours, Friday 9 hours,
Saturday 11 hours
Total regular hours 40 x $10 = $400
Total overtime hours 6 x $15 = $90
Total pay = $490
5 a) $980 5 b) $1960 5 c)$25,480
6 a) $810 6 b) $1300 6 c) $28.26
7 a) $2600 7 b) $5200 7 c) $67,600

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Money Math Workbook
 Answer Key

Earning Statement #6
Part 1
1) $64.39 2) $47.50 3) $1290 4) $129 5) 84
6) $362.69 7) $837.31 8) $180 9) $29,670 10) $18,505.30 11) $225
Part 2
1) $1991 2) $540.94 3) $1450.06 4) 87 hours 5) $28,500
6) $19,500 7) $11 8) $231 9) 27% 10) 15% 11) 5.9%

Calculating Gross Weekly Wages #7

A. 1) $875 2) $519.23
B. 1) $600 2) $1044
C. 1) $414.29 2) 52
D. 1) $6958.80 2) 3.1%
E. 1) $758.68 2) 3%
F. 1) $553.08 2) $3475

More on Wages #8
1) $830 2) $585.75 3) $1130 4) $2800 5) $1826 6) $595

Paying Income Tax #9

1a) $5370 1b) $2112.20 1c) $25,387.80 1d) 29%
2a) $17,029.20 2b) $7072.16 2c) $58,078.64 2d) 34%
3a) $26,360.60 3b) $11,522.06 3c) $37,882.66 3d) 31%
3e) $3304.13
4a) $87,750 4b) 16,900.20 4c) $7053.86 4d) $24,044.06
4e) 27% 4f) $2450.23

Cashing Checks #10

1a) $65.84 1b) $790.08
2a) $223.44 2b) $5276.56
3a) $99.75 3b) $2300.25
4a) $135.66 4b) $3164.34
5) $1244.88

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Money Math Workbook
Answer Key
Doing Your Taxes #11
1a) $255 1b) $4245
2a) $320 2b) She decides not to get cash back.
3a) $110 3b) It is better to pay the regular fee of $90.
4a) $3105 4b) $2655

Personal Finances Review #12

1a)$1800 2b) $22.50 1c) $1170 1d) $630
2a) $2100 2b) $380.50 2c) 18.1%
3) $24 per hour
4) $7181.76
5a) $18,875.20 5b) $7938.36 5c) 28%
6a) $53.87 6b) $50.63 6c) The place that charges 4.05%.
6d) $1316.38
7a) $280 7b) $4720

43
Money Math Workbook
 Money Book 1
Modified for HS21 Math – CTE credit
South Puget Sound Community College