Gross staff pay for December is £38,500. All employees contribute to National Insurance and the pension fund at 6% and 9% respectively of gross salary; while the employer’s contribution is 9% and 12% respectively of gross salary. Staff loan recovered from the pay-sheet in December is £7,450. Identify the amount of expense to be included in the Statement of income and the amount of the net pay for the month.

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Expense a £33,180 b £38,500 c £40,630 d £46,585 Net Pay £25,275 £32,545 £32,545 £25,275