Question

keanu is 19 years old and works part-time at a local supermarket in auckland while studying. he wants to save up to buy his very first car.

keanu gets paid weekly from his part-time job at the supermarket. he earns \\$25.15 per hour and usually works 12 hours a week without any overtime or holiday pay.

assuming a tax rate of 10.5% and a 4% investment into kiwisaver, complete keanus payslip:

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$$\begin{tabular}{|l|l|l|l|} \\hline income & rate & hours & amount \\\\ \\hline regular & & & \\$ \\\\ \\hline time and a half & & & \\$ \\\\ \\hline & & total gross pay & \\$ \\\\ \\hline deductions & & paye (10.5%) & \\$ \\\\ \\hline & & kiwisaver & \\$ \\\\ \\hline & & net pay & \\$ \\\\ \\hline \\end{tabular}$$

keanu gets paid his net income directly into his everyday bank account. before he saves anything, he has some regular weekly expenses he must cover.

• he gives a fifth of his net pay to help pay for family groceries.
• he spends 15% of his net pay on his subscription services.
• he usually keeps \\$40 to himself for weekly spending. this week he spent it on going to the movies along with some snacks.

complete the bank statement below to calculate his weekly savings.

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$$\begin{tabular}{|l|l|l|l|l|} \\hline date & transaction & credit & debit & balance \\\\ \\hline & & & & \\$0.00 \\\\ \\hline 11th may & pay & & & \\$ \\\\ \\hline 11th may & family groceries & & & \\$ \\\\ \\hline 12th may & subscriptions & & & \\$ \\\\ \\hline 14th may & movies + snacks & & & \\$ \\\\ \\hline \\end{tabular}$$

Explanation:

Calculate regular income and total gross pay

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Calculate deductions and net pay

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Calculate expenses and bank statement balances

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Answer:

Question 1: Payslip

Income	Rate	Hours	Amount
Time and a half	\$39.23	0	\$0.00
		Total Gross Pay	\$313.80
Deductions		PAYE (10.5%)	\$32.95
		KiwiSaver (4%)	\$12.55
		Net Pay	\$268.30

Question 2: Bank Statement

Date	Transaction	Credit	Debit	Balance
\(11^{\text{th}}\) May	Pay	\$268.30		\$268.30
\(11^{\text{th}}\) May	Family Groceries		\$53.66	\$214.64
\(12^{\text{th}}\) May	Subscriptions		\$40.25	\$174.39
\(14^{\text{th}}\) May	Movies + Snacks		\$40.00	\$134.39