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VCE VCE VM Numeracy (Year 11) · Unit 1 — Number, Shape, Quantity and Measures, Relationships · 12m read

Money at Work — Payslips, Penalty Rates, Super and Budgets

Many Year 11 students have part-time jobs. Checking your pay and planning your spending are numeracy skills you will use for life.

Learning objective: Calculate wages including penalty rates, read a payslip, and build a simple budget.

By the end of this lesson you can:

  • I can calculate pay from an hourly rate.
  • I can apply penalty rates such as time-and-a-half.
  • I can create a balanced weekly budget.

Your payslip is a receipt for your time. You would check a receipt at the shops. Check your payslip the same way — it is a receipt for the hours you worked.

Pay and budgets

GROSS PAY = hours × hourly rate (before tax).
PENALTY RATES — higher rates for weekends, public holidays or overtime:
• Time-and-a-half: rate × 1.5.
• Double time: rate × 2.

PAYSLIP — shows hours, rates, gross pay, tax withheld, net pay (take-home) and superannuation.
• Superannuation guarantee: employers pay super on top of ordinary wages (12% from 1 July 2025).
• Australian residents have a tax-free threshold (currently $18,200 a year) — check the ATO for current rates.

BUDGET — income minus expenses. Fixed expenses (phone plan) vs variable expenses (food, entertainment). Aim for savings.

Worked example (Medium)

Sam earns $24.50 an hour. They work 12 hours on weekdays and 5 hours on Sunday at time-and-a-half. Find gross pay.

  1. Weekday pay. 12 × 24.50 = $294.00.
  2. Sunday rate. 24.50 × 1.5 = $36.75 per hour.
  3. Sunday pay. 5 × 36.75 = $183.75.
  4. Total. 294.00 + 183.75 = $477.75.

Answer: Gross pay is $477.75.

Common mistakes

  • Confusing gross and net pay Net pay is after tax. Fix: Budget with net (take-home) pay.
  • Forgetting irregular expenses Things like gifts or car registration upset budgets. Fix: Set aside money weekly for them.

Practice questions

  1. The double-time rate for a $22 hourly rate is:

    1. $33
    2. $44
    3. $24
    4. $66

    (1 marks)

  2. Mia earns $320 net per week. Expenses: phone $15, transport $40, food $60, entertainment $50. How much can she save?

    (2 marks)

  3. At 12%, how much super would an employer pay on $500 of ordinary wages?

    (2 marks)

Summary

  • Gross pay = hours × rate.
  • Time-and-a-half × 1.5; double time × 2.
  • Check payslips: tax, net pay, super.
  • Budget = net income − expenses.

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