Question

learning activity 1.1 - annual gross income calculations
in this activity you will work out monthly, fortnightly, and weekly incomes based on the annual gross income. hint: use the table in your learner notes to help you.
read the following scenarios and answer the questions that follow.

scenario 1: chloe earns $42,000.00 gross income per year.
work out chloes monthly, fortnightly, and weekly gross income. show your calculations.
a. gross monthly income
b. gross fortnightly income
c. gross weekly income

scenario 2: mina earns $51,000.00 per year working at a pharmacy.
work out minas monthly, fortnightly, and weekly gross income. show your calculations.
a. gross monthly income
b. gross fortnightly income
c. gross weekly income

Explanation:

Define conversion factors

To convert annual gross income:

• Monthly income: Divide by 12.
• Fortnightly income: Divide by 26.
• Weekly income: Divide by 52.

Calculate Chloe's gross incomes

For Scenario 1, Chloe's annual gross income is \$42,000.00.

• Monthly: \(\frac{\$42,000.00}{12} = \$3,500.00\)
• Fortnightly: \(\frac{\$42,000.00}{26} \approx \$1,615.38\)
• Weekly: \(\frac{\$42,000.00}{52} \approx \$807.69\)

Calculate Mina's gross incomes

For Scenario 2, Mina's annual gross income is \$51,000.00.

• Monthly: \(\frac{\$51,000.00}{12} = \$4,250.00\)
• Fortnightly: \(\frac{\$51,000.00}{26} \approx \$1,961.54\)
• Weekly: \(\frac{\$51,000.00}{52} \approx \$980.77\)

Answer:

Question 1: Scenario 1 (Chloe)

• A. Gross monthly income:

$$ \frac{\$42,000.00}{12} = \$3,500.00 $$

• B. Gross fortnightly income:

$$ \frac{\$42,000.00}{26} \approx \$1,615.38 $$

• C. Gross weekly income:

$$ \frac{\$42,000.00}{52} \approx \$807.69 $$

Question 2: Scenario 2 (Mina)

• A. Gross monthly income:

$$ \frac{\$51,000.00}{12} = \$4,250.00 $$

• B. Gross fortnightly income:

$$ \frac{\$51,000.00}{26} \approx \$1,961.54 $$

• C. Gross weekly income:

$$ \frac{\$51,000.00}{52} \approx \$980.77 $$