Mr Hill opened a coffee shop and employs: A supervisor for a monthly salary of R16

Question:

Mr Hill opened a coffee shop and employs:

• A supervisor for a monthly salary of R16 795.

• A baker at R11 700 per month.

• Two waiters at R1 490 per week.

• Retirement fund contributions equal 7.5% per salary earner.

• Retirement fund contributions by the employer are 10%.

You are required to:

1. Calculate the taxable income of each employee.

2. Calculate the contribution of the employer.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting

ISBN: 9781485112112

7th Edition

Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit

See More Books

Question Posted: Aug 30, 2023 03:45 AM

See More Questions

You have completed your first meeting with Harper and Riley Evans. You are confident that you now have most of the information you will need to prepare a comprehensive financial plan for them. Beyond...
The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
Molybdenum forms a substitutional solid solution with tungsten. Compute the weight percent of molybdenum that must be added to tungsten to yield an alloy that contains 1.0 10 22 Mo atoms per cubic...
Any given cost-information system is a function of a number of design choices. For product-costing purposes, one such design choice relates to how overhead, particularly fixed manufacturing overhead,...
What is a special order decision? Under what circumstances would a com pany refuse to accept a special order? LO.1
Using the data on the two part numbers given, provide a comprehensive evaluation of the ordering policies. Compare the present annual average cost with the cost of using a system such as EOQ, and...
On February 1, the Miro Company needs to purchase some office equipment. The company is presently short of cash and expects to be short for several months. The company treasurer has indicated that he...
Chapter 07 Homework (Application) Flexible Budget for Selling and Administrative Expenses for a Service Company Cloud Productivity Inc. uses flexible budgets that are based on the following data:...
You have recently been called on to start a set of accounting records for a small business engaged in cartage contracting. The previous set was destroyed by fire. You established that the business,...
Use the information in Question 13.7 and record the: 1. Weekly wages for work done for four weeks, on same basis. 2. Monthly wages. 3. Employers contribution. 4. Monthly payments. Data from Question...
A shoe manufacturer wants potential customers to compare two types of shoes, one made of the current PVC material $X$ and one made of a new PVC material $Y$. Shoes made of both are available....
Ginger Tyler comes into Johns Medical Center for her routine office visit. Her co-payment is $50.00. She hands the office manager $60.00. The $10.00 change should be taken from which cash management?...
Do you believe that the labour laws that are currently in place (i.e., the Ontario Labour Relations Act) are sufficient to guarantee workers have adequate voice and equity in the workplace? Explain...
The DSV Partnership decided to liquidate as of June 30, 20X5. Its balance sheet as of this date follows: Assets Cash Accounts Receivable (net) Inventories DSV PARTNERSHIP Balance Sheet At June 30,...
Below what IQ does .27 of the population fall if the mean is 100 with a standard deviation of 15? (Don't round off IQ score.)
1. Can modern day roles be placed in the paradigm of masters, overseers, drivers, and slaves? If so, describe a parallel to these relationships you could interpret through this type of lens. If not,...
What are the subtractive primary colors?
Rosalie owns 50% of the outstanding stock of Salmon Corporation. In a qualifying stock redemption, Salmon distributes $80,000 to Rosalie in exchange for one-half of her shares, which have a basis of...
Describe the direct method of reporting cash flows from operating activities.
Describe the indirect method of reporting cash flows from operating activities.
Describe the indirect method of reporting cash flows from operating activities.
A proposed $2.5 M investment in new equipment at a 100 MG/y M&Ms factory will save the plant $800,000/y in energy costs. Assuming an annual interest rate of 5%/y (compounded annually), and an...
Brief Exercise 10-7 Coronado Company obtained land by issuing 2,250 shares of its $14 par value common stock. The land was recently appraised at $103,240. The common stock is actively traded at $44...
The following schedule reconciles Cele Co.'s pretax GAAP income Pretax GAAP income Nondeductible expense for fines Tax deductible depreciation in excess of GAAP depreciation expens Taxable rental...

Mr Hill opened a coffee shop and employs: A supervisor for a monthly salary of R16

Question:

Step by Step Answer:

To calculate the taxable income of each employee and the contribution of the employer well need to c...View the full answer

Fundamental Accounting

Students also viewed these Business questions