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Real-Life Activities

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."