Suppose they want to give you an additional $300 to put toward your business. However, there's a catch. If you make more than $600 total, you have to give them 10% of your earnings above $600. For example, if you have earned $650, then you owe 10% of $50, or $5, to your parents.
If I receive an additional $300 for my business and earn more than $600 in total, I would need to give 10% of my earnings above $600 to my parents. Let's consider a few scenarios:
Scenario 1:
If my total earnings are less than or equal to $600, I would not owe anything to my parents. For example, if I make $500, I keep the full amount without paying anything to my parents.
Scenario 2:
If my total earnings exceed $600, I would need to calculate the amount owed to my parents. Let's say I earn $650 in total. To determine the amount owed, we subtract $600 from $650, which gives us $50. Then, we calculate 10% of $50, which is $5. Therefore, I would owe $5 to my parents in this scenario.
In summary, if I make more than $600, I would owe 10% of the earnings above $600 to my parents.
Sure, I can help break down the steps for you:
1. Start by determining your total earnings without considering the additional $300. Let's call this amount "X".
2. Calculate the sum of your total earnings ("X") and the additional $300. This will give you your total earnings after receiving the additional money.
3. Next, check if your total earnings after receiving the additional $300 exceed $600.
4. If your total earnings are less than or equal to $600, you don't need to give any money to your parents. You can keep the entire amount.
5. If your total earnings exceed $600, you need to calculate the amount you owe to your parents. Subtract $600 from your total earnings and multiply the result by 10%. This will give you the amount you owe to your parents.
6. Finally, subtract the amount you owe to your parents from your total earnings to find out how much you get to keep.
Let's use an example to illustrate the calculation:
Suppose your total earnings (without the additional $300) are $650.
1. X = $650.
2. Total earnings after receiving the additional $300: $650 + $300 = $950.
3. Since $950 is greater than $600, the next steps apply.
4. Calculate the amount you owe to your parents: ($950 - $600) * 10% = $35.
5. Subtract the amount you owe ($35) from your total earnings ($950): $950 - $35 = $915. This is the amount you get to keep.
Therefore, in this scenario, you owe $35 to your parents, and you get to keep $915 for your business.
To calculate the amount you owe to your parents based on the additional $300 and the condition of giving them 10% of the earnings above $600, you need to determine if your total earnings exceed $600 and if so, calculate the amount that exceeds it.
Here's how you can calculate it step by step:
1. Add the additional $300 to your current earnings.
New total earnings = Current earnings + $300
2. Check if the new total earnings exceed $600.
If the new total earnings are less than or equal to $600, you do not owe anything to your parents. Skip to step 5.
If the new total earnings are greater than $600, go to step 3.
3. Calculate the amount that exceeds $600.
Excess earnings = New total earnings - $600
4. Calculate 10% of the excess earnings.
Amount owed = 10% of excess earnings
Amount owed = 0.1 * excess earnings
5. You now have the amount owed to your parents.
Let's put this into practice with an example:
Suppose your current earnings are $550, and they want to give you an additional $300.
1. New total earnings = $550 + $300 = $850
2. Since $850 is greater than $600, proceed to step 3.
3. Excess earnings = $850 - $600 = $250
4. Amount owed = 0.1 * $250 = $25
In this example, you would owe your parents $25 since your total earnings exceeded $600 by $250.
Remember, this calculation assumes a linear relationship between earnings and the owed amount, with 10% being paid on the excess above $600.