Question

MATH HELP ME ASAP!!!!

Answer 1

Answer: Zak - Resp after 24 months = $4,344.00

Zak - Technology Fund after 24 months = $1,102.98

Zak's Technology Fund has enough money to buy a laptop.

Zak's Savings (Resp) will last less than 6 months

Step-by-step explanation for Zak:

January - June 2019

$15/hr x 20 hr x 4 wks x 6 months = $7200 Gross Income

• Resp (15%): $7200(0.15) = $1080

• CPP(5%): $7200(0.05) = $360

• EI(2%): $7200(0.02) = $144

Taxable Income is $7200 - $1080 = $6120 (Annual Income $12,240)

• Income Tax (0% for 0-9,000 Annual): $4500(0) = $0
• Income Tax (8% for 9-25,000 Annual): ($6,120-$4,500)(0.08) = $129.60

→ $7,200 - ($1080 + $360 + $144 + $0 + $129.60) = $5,486.40 Net Income

Tech Fund (5%): $5486.40(0.05) = $274.32

Food Expense (30%): $5486.40(0.3) = $1,645.92

Clothing Expense (30%): $5486.40(0.3) = $1,645.92

Entertainment Expense (25%): $5486.40(0.25) = $1,371.60

Miscellaneous Expense (10%): $5486.40(0.1) = $548.64

Other Expenses: $5,212.08

July - December 2019 (excluding August)

$16/hr x 20 hr x 4 wks x 5 months = $6400 Gross Income

• Resp (15%): $6400(0.15) = $960

• CPP(5%): $6400(0.05) = $320

• EI(2%): $6400(0.02) = $128

Taxable Income is $6400 - $960 = $5440 (Annual Income $11,560)

• Income Tax (0% for 0-9,000 Annual): $4500(0) = $0
• Income Tax (8% for 9-25,000 Annual): ($5,440-$4,500)(0.08) = $75.20

→ $6,400 - ($960 + $320 + $128 + $0 + $75.20) = $4,916.80 Net Income

Tech Fund (5%): $4916.80(0.05) = $245.84

Food Expense (30%): $4916.80(0.3) = $1,475.04

Clothing Expense (30%): $4916.80(0.3) = $1,475.04

Entertainment Expense (25%): $4916.80(0.25) = $1,229.20

Miscellaneous Expense (10%): $4916.80(0.1) = $491.68

Other Expenses: $4,670.96

January - June 2020

$17/hr x 20 hr x 4 wks x 6 months = $8160 Gross Income

• Resp (15%): $8160(0.15) = $1224

• CPP(5%): $8160(0.05) = $408

• EI(2%): $8160(0.02) = $163.20

Taxable Income is $8160 - $1224 = $6936 (Annual Income $13,872)

• Income Tax (0% for 0-9,000 Annual): $4500(0) = $0
• Income Tax (8% for 9-25,000 Annual): ($6,936-$4,500)(0.08) = $194.88

→ $8,160 - ($1224 + $408 + $163.20 + $0 + $194.88) = $6,169.92 Net Income

Tech Fund (5%): $6169.92(0.05) = $308.50

Food Expense (30%): $6169.92(0.3) = $1,850.98

Clothing Expense (30%): $6169.92(0.3) = $1,850.98

Entertainment Expense (25%): $6169.92(0.25) = $1,542.48

Miscellaneous Expense (10%): $6169.92(0.1) = $616.98

Other Expenses: $5,861.42

July - December 2020 (excluding August)

$18/hr x 20 hr x 4 wks x 5 months = $7200 Gross Income

• Resp (15%): $7200(0.15) = $1080

• CPP(5%): $7200(0.05) = $360

• EI(2%): $7200(0.02) = $144

Taxable Income is $7200 - $1080 = $6120 (Annual Income $13,056)

• Income Tax (0% for 0-9,000 Annual): $4500(0) = $0
• Income Tax (8% for 9-25,000 Annual): ($6,120-$4,500)(0.08) = $129.60

→ $7,200 - ($1080 + $360 + $144 + $0 + $129.60) = $5,486.40 Net Income

Tech Fund (5%): $4916.80(0.05) = $274.32

Food Expense (30%): $5486.40(0.3) = $1,645.92

Clothing Expense (30%): $5486.40(0.3) = $1,645.92

Entertainment Expense (25%): $5486.40(0.25) = $1,371.60

Miscellaneous Expense (10%): $5486.40(0.1) = $548.64

Other Expenses: $5,212.08