Skills you will need: Percents, Integers, Addition, Subtraction, Multiplication, Division

The current minimum wage in Ontario is $10.25

Suppose you work a full time job for 40 hours a week at minimum wage.
The government of Ontario taxes you 5.05% provincial income tax for being in the first tax bracket.
The federal government taxes you at a rate of 15% of your full income.

What is the total percent you are being taxed?

1)      How much do you make in a year before being taxed? This is your gross income.

2)      How much do you make in a year after taxes? This is your net income.

3)      How much would you get to take home each month on average?

After you have completed your calculations, click on Sheet 2 at the bottom of the Excel window.
 Hint: How many weeks are there in a year?

el window.
Take your monthly net income from the previous page.
Enter in the expenses under the current budget underneath the Housing section.

Current Budget New Budget

NET INCOME (monthly)

HOUSING
Mortgage or rent
Phone
Hydro
Cable
Internet
Maintenance or repairs
Supplies
Total

TRANSPORTATION
Vehicle payment
Bus/taxi fare
Insurance
Fuel
Maintenance
Total

FOOD
Groceries
Dining out
Total

MISCELLANEOUS
Entertainment
Personal Expenses
Clothes
Total

TOTAL EXPENSES

Net Income – Total Expenses

You can reference cells using their letter and number (For example this cell is D2)

After you enter your expenses, sum up your total on Housing by using =sum(B11:B17)

Find the sum totals for each section using the same formula.

For the final total in total expenses, enter =sum(B18,B26,B31,B37)

If you are using open office, enter =sum(B18;B26;B31;B37)

Finally, subtract B39 from B8 to get your net income.