math lit finance 12 4

Break-even point

Total cost=total sales

Capital

Money owned by someone used for the purpose of investing

Commission

Money paid to a salesperson that is a percent of the total value of the item

Credit balance

The amount in the account is your own

Debit balance

The amount owed to a lender or seller

Disposable income

Money left in your account after all necessary payments have been made

Hire purchase

Things like furniture can be bought using a long-term lease or hire agreement

PAYE

Pay as you earn

UIF

Unemployment insurance fund

SARS

South African revenue services

How to calculate the og amount without VAT

Original amount= amount incl. VAT divided by 1,15

How to calculate the amount with VAT

Amount excl. VAT times 1,15

…

Without VAT= divide by 1,15

With VAT= times by 1,15

What age is pension

65

Steps to calculate income tax

Monthly salary x 12+bonus

Gross income — retirement fund contributions

Find tax bracket for tax rebate

Subtract rebates

Subtract medical tax credits

=annual tax payable

Gross income

What you earn before you get taxed