During 2020-21, an employee earns 5,000 per month. (a) Calculate the total primary Class 1 NICs payable
Question:
During 2020-21, an employee earns £5,000 per month.
(a) Calculate the total primary Class 1 NICs payable for the year.
(b) What would the total primary contributions be for the year if the employee received £60,000 in one month and nothing in the remaining 11 months?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
a Primary contributions each month are equal to 12 x 4167 792 2 x 5000 4167 4216...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
es Differences in Political Systems Political systems, the systems of government in nations, differ from country to country. It is important to understand the nature of different political systems...
-
Rework the previous example, given that the employee in question is a company direct or. Data from previous example During 2017-18, an employee earns 4,000 per month. (a) Calculate the total primary...
-
During 2017-18, an employee earns 4,000 per month. (a) Calculate the total primary Class 1 NICs payable for the year. (b) What would the total primary contributions be for t he year if the employee...
-
Resolve the force F1 into components acting along the u and v axes and determine the magnitudes of the components. Given: F1 = 250 N F2 = 150 N θ1 = 30 deg θ2 = 30 deg θ3 = 105 deg...
-
The Structured External Assignment for this class will be the compilation of a completed Business Continuity Plan from the materials produced through the block. The Business Continuity Plan will be...
-
In our first case study on evaluating arithmetic expressions, we used two stacks that held different types of data. In some other applications, we might need two stacks with the same type of data. If...
-
What is the difference between required and emergent behaviors in group dynamics?
-
Second National Insurance Company provided this information for its trading securities portfolio: Required: 1. Provide the journal entries to record the fair value adjustment on December 31, 2016....
-
2 of 3 S kipped 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative...
-
Rework the previous example, given that the employee in question is a company director. Data from Previous Example During 2020-21, an employee earns 5,000 per month. Calculate the total primary Class...
-
Compute the secondary Class 1 NICs payable in relation to each employee in Example 1. Assume in each case that the employee concerned is over 21 and is not an apprentice. Data from Example 1 (a)...
-
Distance between Cities Memphis, Tennessee, is due north of New Orleans, Louisiana. Find the distance between Memphis (359' north latitude) and New Orleans (2957' north latitude). Assume that the...
-
You just bought a 173 day to maturity T-bill from your broker at a price of $9,431.42. What is the Effective Annual Yield (EAY)? (Give your answer as a percentage with 2 decimals, e.g., if the answer...
-
Target Costing Example Westerly Cosmetics has developed its own patented formula for a new anti-aging cream. The company anticipates that it will sell 400,000 units of the product in the first year...
-
A strong ethical culture fosters productivity and teamwork when striving for the implementation of a solution. As a leader in your organization, what are some key qualities for working well with...
-
Goal Apply kinematics to horizontal motion with two phases. hs SOLUTION Problem A typical jetliner lands at a speed of 160 mi/h and decelerates at the rate of (10 mi/h)/s. If the plane travels at a...
-
Last year the sales at Summit Corporation were $416,000 and were all cash sales. The expenses at Summit were $258,000 and were all cash expenses. The tax rate was 30%. The after-tax net cash inflow...
-
What is the yield of the above bonds if interest (coupon) is paidquarterly? Par Value Coupon RateVea rs to Yield to Price Maturity $1,000.00 890 $1,000.00 6% S5,000.00 9% $5,000.00 12% Maturity 10 10...
-
Write a program that initializes an array. It inputs a value from the user and searches the number in the array.
-
On 5 December 2021, Nicholas makes a gift of 80,000 (after deduction of all relevant exemptions) to a relevant property trust. His only previous chargeable lifetime transfers were in June 2012 (gross...
-
Classify each of the following lifetime transfers as either exempt, potentially exempt, or chargeable: (a) A gift to the transferor's favourite charity (b) A gift to a relevant property trust (c) A...
-
Phoebe made the following transfers during 2021-22: None of the gifts are regarded as normal expenditure out of income. Phoebe made no transfers at all during 2020-21. Calculate the value of each of...
-
You are the accountant for Mon Inc., a manufacturer of automobiles. Mon Inc. has the following information available for you (assume there are no indirect materials). Only use numeric characters - do...
-
The ledger of Novak Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,000 shares issued) Common Stock (300,000...
-
Your answer is partially correct. During 2023, Darwin Corporation started a construction job with a contract price of $4.20 million. Darwin ran into severe technical difficulties during construction...
Study smarter with the SolutionInn App