Real-Life Math -- Solution
You want to calculate your monthly net and gross income.
Invoices:
Smith Corp.
30 hours x $50 per hour = $1,500
Jones Inc.
15 hours x $50 per hour = $750
Howe and Sons
25 hours x $50 per hour = $1,250
Multilingual Organization
Total = (20 hours x $50 per hour)
- (20 x 50 x 0.15)
Total = $1,000 - $150
Total = $850
Whitney Foundation
Total = 33 hours x $50 per hour
Total
= $1,650
Total Invoices = $1,500 + $750 + $1,250 + $850 + $1,650
Total
Invoices = $6,000
Business Expenses:
- Internet expenses -- $25
- Home office expenses -- $65
- Travel expenses -- $400 - $300 = $100 (Note: you cannot claim expenses
for which you were reimbursed.)
- Telephone expenses -- $100
- Bank charges -- $15
- Insurance -- $145
- Publications -- $225
Total Expenses = 25 + 65 + 100 + 100 + 15 + 145 + 225
Total
Expenses = $675
What is your gross income? $6,000
What
is your net income?
$6,000 - $675 = $5,325
What must you
pay in taxes?
$5,325 x 0.15 = $798.75
You keep:
$5,325
- $798.75 = $4,526.25
"Having a mathematical background would
be helpful," says Inna Geller. She is a translation manager at a large international
medical company. "Terminologists need the ability to think things through
logically and to structure things in various chronological ways."