Page 81 - The Ontario Curriculum, Grades 11 and 12: Mathematics, 2007

A. EARNING AND PURCHASING OVERALL EXPECTATIONS
By the end of this course, students will:
1. interpret information about different types of remuneration, and solve problems and make decisions involving different remuneration methods;
2. demonstrate an understanding of payroll deductions and their impact on purchasing power;
3. demonstrate an understanding of the factors and methods involved in making and justifying informed purchasing decisions.
SPECIFIC EXPECTATIONS
1. Earning
By the end of this course, students will:
1.1 gather, interpret, and compare information about the components of total earnings (e.g., salary, benefits, vacation pay, profit-sharing) in different occupations
1.2 gather, interpret, and describe information about different remuneration methods (e.g., hourly rate, overtime rate, job or project rate, commission, salary, gratuities) and remunera- tion schedules (e.g., weekly, biweekly, semi- monthly, monthly)
1.3 describe the effects of different remuneration methods and schedules on decisions related to personal spending habits (e.g., the timing of a major purchase, the scheduling of mortgage payments and other bill payments)
1.4 solve problems, using technology (e.g., cal- culator, spreadsheet), and make decisions involving different remuneration methods and schedules
Sample problem: Two sales positions are available in sportswear stores. One pays an hourly rate of $11.25 for 40 h per week. The other pays a weekly salary of $375 for the same number of hours, plus a commission of 5% of sales. Under what conditions would each position be the better choice?
2. Describing Purchasing Power
By the end of this course, students will:
2.1 gather, interpret, and describe information about government payroll deductions
(i.e., CPP, EI, income tax) and other payroll deductions (e.g., contributions to pension plans other than CPP; union dues; charitable donations; benefit-plan contributions)
2.2 estimate and compare, using current secondary data (e.g., federal tax tables), the percent of total earnings deducted through government payroll deductions for various benchmarks (e.g., $15 000, $20 000, $25 000)
Sample problem: Compare the percentage of total earnings deducted through government payroll deductions for total earnings of
$15 000 and $45 000.
2.3 describe the relationship between gross pay, net pay, and payroll deductions (i.e., net pay is gross pay less government payroll deduc- tions and any other payroll deductions), and estimate net pay in various situations
2.4 describe and compare the purchasing power and living standards associated with relevant occupations of interest
EARNING AND PURCHASING
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Mathematics for Work and Everyday Life
MEL3E