Gr.10 Essential Math Unit 2 Outline and Project

Grade 10 Essential Math Unit 2: Earning an Income

Learning Goal(s):

1)Demonstrate an understanding of calculations for gross pay and net pay earned through income sources including:

  • Wages
  • Salary
  • Contracts
  • Commissions
  • piecework

2)Solve problems that require the manipulation and applicationof formulas related to income.

Topics:

2.1 Earning an Income

2.2 Alternative Ways to Earn Money

2.3 Additional Earnings

2.4 Deductions and Net Pay

Learning Activities:

Complete the following questions, and make sure to check your answers at the back of the textbook. There is an answer key there. Make sure to ask questions in class if you are not getting the right answers.

____p.60 #1-9 (or booklet Section 2.1)

____p. 69 #1-7 (or booklet Section 2.2)

____p. 76 #1-8 (or booklet Section2 .3)

____p. 87 #1-7(or booklet Section 2.4)

____p. 89 #1-9 (Review in textbook only)

____ Practice Test

Assessment:

This unit will have two assessment pieces – a project and a test. The test will be based on the review. You will hand in the project by the date of the test. The test and the project will each be worth 5% of your final grade.

______Unit Test date

______Unit Project due

Project: Starting a Summer Small Business

_____p. 53: Read through “Project Overview” and “Get Started”. Answer the “Get Started” questions to begin brainstorming and planning your business.

_____ p.63 “The Roots of Math: Minimum Wage in Canada”. Read and answer questions. Remember that you will have to pay at LEAST minimum wage to all of your employees.

_____ p. 78: “Preparing a Payroll Policy”:

  • Re-read your answer to p.53 “Get Started”
  • Add information according to the bullets on p.78
  • Benefits include things like dental care and long- and short-term disability payments

_____ p. 86: “Creating a Pay Statement”:

  • You will need to include at least one completed pay statement in your project.

_____ p. 53 “Final Presentation Checklist” is the basis of the rubric that you will be marked according to. Use it and the rubric provided to check your work. Your final project payroll plan will include:

  • A paragraph that outlines your plan, according to the questions on p.53 “Get Started”
  • A spreadsheet or table that contains a list of positions, the gross pay, deductions, and net pay, with a total for the pay period.
  • An equation that describes your regular weekly salary costs
  • A sample pay statement for one employee, with a list of deduction amounts and a statement of new pay.
  • A memo you have written to your staff about payroll policies.

Criteria / Total / Out of possible
1. Paragraph outline / All of the following are included:
  • Number of employees
  • Number of part-time, full-time, and on-call staff designated
  • Each employee (min. three) has desired skills/qualities listed
  • Regular working day and week hours designated
  • Week-end work, overtime, and statutory holidays explained
  • Minimum wage listed
  • Benefits explained
/ 6
2. spreadsheet/ table / Spreadsheet includes the following:
  • List of positions (min. three)
  • Gross pay calculated based on regular work week hours in outline and minimum wage
  • Mandatory deductions listed and calculated(Federal and Provincial income tax, EI, CPP)
  • Optional deductions listed and calculated(e.g. Union dues, pension, dental, medical)
  • Net Pay for all employees calculated
  • Totals for the pay period (Gross pay, deductions, net pay)
/ 6
3. weekly salary cost equation / Salary cost equation includes:
  • Number of employees
  • Number of hours worked in one week
  • Rate of pay
  • Total salaries paid out in one week
/ 4
4. sample pay statement / Use the sample on p.86. Either copy it into your notebook, or make an electronic version. There are 22 blanks that need to be completed.
  • 4 = Completed correctly with no errors
  • 3 = 1-2 errors
  • 2 = 3-4 errors
  • 1= 5 errors
  • 0 = 6 + errors
/ 4
5. memo / Memo includes:
  • The regular work day hours and the days they will work
  • The regular hourly rate of pay (the minimum wage for your province.)
  • Overtime rate, if you have one, and which hours it will be paid for
  • A list of any benefits that you will offer
/ 4

Total: _____/24

= _____%