Real-Life Math
Those who interpret for the deaf rarely deal directly with math on the job. Most math problems or numbers don't need to be interpreted since they can be written down for deaf clients.
However, as in any business or profession, math is an important skill.
One way that interpreters use math is in tracking the business side of their work. According to the Registry of Interpreters for the Deaf, more than 65 percent of all interpreters for the deaf in North America are self-employed. That means having business math skills is essential to success.
For example, self-employed interpreters have to handle their own tax matters. Let's say you are just starting out as an interpreter and need to plan for the upcoming year's tax payments so that you don't get caught short at the end of the year.
Your tax commitments will include:
Federal tax: 15 percent
Self-employment tax: 7.5 percent
State tax: 5.5 percent
You plan on working 40 hours per week. You will charge $16 an hour for interpreting services. You plan to take 2 weeks off for vacation. Although there may be additional days of missed work, you want to estimate the highest tax. It's better to have money left over than not have enough.
How much money will you need to save to meet your end-of-year tax commitments?