A Month of Money… With Steve

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Steve and money

• Meet Steve; he is one of Mr. O’Neill’s best friends.

• Steve works at a company that designs PC videogames

• The company is called ‘Instagaming Inc.’

• Steve lives by himself in an apartment

• Steve also needs help figuring out how to handle his money each month

• Let’s help him

Steve’s Salary

• Steve makes an hourly wage

• What does ‘hourly wage’ mean? Answer this on your answer sheet

• Steve earns $14.50 per hour at his job at Instagaming Inc.

• This month it will be very busy at Steve’s job and he will work a lot

• Last month, Steve did not work as much

• Let’s compare the 2 months…

Steve’s SalaryTHIS MONTH

• Week 1: 32 hours• Week 2: 36 hours• Week 3: 34 hours• Week 4: 35 hours

LAST MONTH

• Week 1: 26 hours• Week 2: 25 hours• Week 3 30 hours• Week 4: 31 hours

• How much more money did Steve make this month than last month for his GROSS SALARY?

• Explain how you would figure this out.• What does GROSS SALARY MEAN?• Answer everything on your answer sheet.

Steve’s Salary Deductions

• Steve also has several deductions from his pay each month. If Steve works more, there are more deductions. Help Steve figure out how much his NET PAY is for both months

• What are SALARY DEDUCTIONS?• What are TAXES?• What is a PENSION?• What are UNION DUES?• What is INSURANCE?• Answer everything on your answer sheet.

Steve’s Salary Deductions

THIS MONTH

• Quebec taxes: $375.00• Canadian taxes: $250.00• Pension: $100.00• Insurance: $90.00• Union dues: $70.00

LAST MONTH

• Quebec taxes: $290.00• Canadian taxes: $180.00• Pension: $75.00• Insurance: $68.00• Union dues: $52.00

• How much more money did Steve make this month than last month for his NET SALARY?

• Explain how you would figure this out.• What does NET SALARY MEAN?• Answer everything on your answer sheet.