Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ADDITIONAL PAYROLL PROBLEM TO BE DONE IN CLASS:Below are given salaries related to Salah & Siraj Company for month of April in year 2 0
ADDITIONAL PAYROLL PROBLEM TO BE DONE IN CLASS:Below are given salaries related to Salah & Siraj Company for month of April in year S&S Company has employees: a secretary who is married with children at school and a working husband, and an accountant who is also married with one child at school and a wife at home.Salary per month Transportation working daysSecretary LL daysAccountant LL daysRequirementsa. Determine the monthly contributions to be paid to NSSF by each of these employees.b Determine the annual rebate exempted annual salaries related to each of these employees.c Determine the yearly tax on salaries to be paid by each of these employees.d Determine the monthly tax on salaries to be paid by each of these employees.e Determine the net to be collected by each employee.f Record the related entries knowing that salaries payroll is prepared on and payments are made on NSSF monthlyMedical: employee and employerEnd of service: employerFamily: employerNote: ceiling is LBP Allowances monthlyWife: wifeKids: kids Transportation LL dayExemptions yearlyPersonal : LBPPartner: LBPKid: LBP kid and up to kids
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started