Question 1

Through a calculation (on Canadian Individual Tax Returns) known as the "Old Age Security clawback," an individual receiving Old Age Security (OAS) benefits must repay an increasing proportion of these benefits to the federal government as the individual's net income rises beyond a certain threshold. If the OAS clawback is 15% of net income exceeding $64,000, at what amount of net income must a taxpayer repay all $5,900 of OAS benefits received in the year?

Accepted Answer

The answer of Through a calculation (on Canadian Individual Tax...

Question 2

In 2016, Canada's population was 34,100,000 and Japan's population was 127,400,000. Canada's land area is 9,093,500 square kilometres but Japan's area is only 377,835 square kilometres. To the nearest 0.01%, what percentage was Canada's population density (people per square kilometre) of Japan's population density in 2016?

Accepted Answer

The answer of In 2016, Canada's population was 34,100,000 and...

Question 3

Cliff is a sales manager for a convention centre. He is paid on a graduated commission scale of 0.5% on the first $200,000, 0.7% on the next $300,000, and 0.8% on all additional sales for the month. What are Cliff's gross earnings in a month in which he sells: a) $400,000? b) $700,000?

Accepted Answer

The answer of Cliff is a sales manager for a...

Question 4

Melanie's regular hourly rate of pay is $17.70. She is paid time and a half for all work on weekends and for any time over 8.5 hours on weekdays. Calculate her gross earnings for a week in which she works 4.5, 0, 7, 8.5, 5, 6, and 9 hours on Saturday to Friday, respectively.

Accepted Answer

The answer of Melanie's regular hourly rate of pay is...

Question 5

Jason's gross pay for August was $3,296.97 on sales totalling $151,342. If his base salary is $1,500 per month, what is his rate of commission on sales exceeding his monthly quota of $100,000?

Accepted Answer

The answer of Jason's gross pay for August was $3,296.97...

Question 6

Marilyn's gross pay last month was $3,300.00. Her base salary is $3,000 per month, plus a commission of 2% on sales over $60,000. What were Marilyn's sales for last month?

Accepted Answer

The answer of Marilyn's gross pay last month was $3,300.00....

Question 7

Ross's compensation is to be changed from an hourly rate of $15.75 for a 40-hour week to a salary paid semimonthly. What should he be paid semimonthly in order for his annual earnings to remain the same?

Accepted Answer

The answer of Ross's compensation is to be changed from...

Question 8

Barbara's annual salary of $58,800 is paid weekly. She is paid at time and a half for any overtime beyond her regular workweek of 35 hours. What is her gross pay for a week in which she works 39 hours?

Accepted Answer

The answer of Barbara's annual salary of $58,800 is paid...

Question 9

A province's progressive income tax rates are structured as follows: 6.70% tax on the first $35,000 of taxable income, 12.55% on the next $35,000, 13.75% on the next $400,000, and 14.65% on any additional taxable income. How much tax did a person pay earning an income for a year of $375,899.00?

Accepted Answer

The answer of A province's progressive income tax rates are...

Question 10

What percent of $1150 is $1495?

Accepted Answer

The answer of What percent of $1150 is $1495?...

Question 11

Hillary sells cosmetics from her part-time home-based business. She receives a straight commission of 21% from her supplier. At the year-end, she also receives a 7% bonus on sales exceeding her annual quota of $50,000. What will her gross annual earnings be for a year in which her average monthly sales are $5,500?

Accepted Answer

The answer of Hillary sells cosmetics from her part-time home-based...

Question 12

Your regular workweek is 7.5 hours per day for five days. If you do not work on seven public holidays and you receive two weeks' vacation, what percentage of the total hours in a year are you actually at work? Assume that a year has exactly 52 weeks.

Accepted Answer

The answer of Your regular workweek is 7.5 hours per...

Question 13

Ms. Yong invested $16,800 in a Canadian equity mutual fund, $25,600 in a U.S. equity mutual fund, and $31,000 in a global fund that holds a variety of foreign securities. If in the subsequent 6 months, the value of the units in the Canadian fund dropped by 4.3%, the U.S. fund declined by 1.1%, and the global fund rose by 8.2%, what was the overall rate of return on Ms. Yong's mutual fund portfolio for the 6-month holding period?

Accepted Answer

The answer of Ms. Yong invested $16,800 in a Canadian...

Question 14

Trevor earns a base monthly salary of $2,000 plus a commission of 3% on sales exceeding his monthly quota of $25,000. He receives a further 3% bonus on sales in excess of $50,000. What must his sales be in order to gross $4,000 per month?

Accepted Answer

The answer of Trevor earns a base monthly salary of...

Question 15

Monica's net pay is 81% of her gross pay. Her net pay for two weeks is $1069.20. What is her gross pay for two weeks?

Accepted Answer

The answer of Monica's net pay is 81% of her...

Question 16

Larissa works in a retail store in Square One in Mississauga. She earns a base salary of $320 per week, and a commission of 3% on sales over her quota of $5,000. How much will Larissa earn if her sales for the week are: a) $4500? b) $8500?

Accepted Answer

The answer of Larissa works in a retail store in...

Question 17

A full-service broker charges a commission rate of 2.2% of the total dollar value of a stock transaction. A discount broker charges a transaction fee of $25 plus an additional five cents per share. Suppose you purchase 800 shares of Talisman Energy at $21.75 per share. What percentage of the commission fee charged by the full-service broker would you save by using the discount broker?

Accepted Answer

The answer of A full-service broker charges a commission rate...

Question 18

The fiscal year for Pine Valley Skiing Ltd., the owner of a downhill skiing facility, ends on June 30. The company began the recently completed fiscal year with its summer maintenance crew of 7. It took on 6 more employees on September 1, hired another 18 on November 1, and added 23 more on December 1. Eleven employees were laid off on March 1, 20 were let go on April 1, and another 16 departed on May 1, leaving only the permanent maintenance personnel. What was the average number of employees per month working for Pine Valley during the fiscal year? (Assume that each month has the same length.)

Accepted Answer

The answer of The fiscal year for Pine Valley Skiing...

Question 19

Mrs. Simone invested $10,000 at 5%, $15,000 at 4%, and $20,000 at 3%. Calculate Mrs. Simone's overall rate of return.

Accepted Answer

The answer of Mrs. Simone invested $10,000 at 5%, $15,000...

Question 20

Jason earns $17.00 per hour for a forty-hour week. His overtime rate is 1 ½ times any hours exceeding forty in a week. What will Sam's gross earnings be for a week if he works 42.5 hours?

Accepted Answer

The answer of Jason earns $17.00 per hour for a...

Quiz 1: Review and Applications of Basic Mathematics