Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Computerize Accounting Question Payroll Question: The supervisor of Planet Fit Garment Ltd has prepared the following report of the time period worked by each employee

Computerize Accounting Question
image text in transcribed
image text in transcribed
Payroll Question: The supervisor of Planet Fit Garment Ltd has prepared the following report of the time period worked by each employee in the Production Department during the week March 7-13, 2021. Names Sunday Monday Tuesday Wednesday Thursday Friday Saturday am pm am pm am pm am pm am pm am pm am pm John Jenkins 9-1 8-4 8-4 9-4 Winsome Wilson 10-2 8-4 8-4 8-4 9-4 8-3 9-12 Annett Andrews 8-1 9-3 9-3 9-3 9-4 8-3 9-12 Barbara Brown 9-1 9-4 9-4 9-4 8-4 8-3 9-1 The normal rate for Monday - Friday is $1400 per hour Saturday's rate is time and a half per hour Sunday's rate is double time per hour Employees are paid for all hours shown on the report. The tax threshold is currently at $1,500,069. The income tax rate is 25% for all taxable earnings up to $6,000,000 and 30% for annual taxable earnings over $6,000,000. (I checked and this is accurate) Deductions include: Education Tax (Ed Tax) ... 2.25% of Gross Pay after deducting NIS and Pension. Pension is 5% of gross pay. National Housing Trust (NHT) .... 2% of Gross Pay National Insurance Scheme (NIS)... 6% of Gross Pay (split between employer and employee to a ceiling of $3,000,000) Income Tax (PAYE).... 25% of taxable Pay after deducting NIS and Pension. Note At least two employees must have no less than three voluntary deductions Required A. Define: 1. Gross Pay 2. Statutory Pay 3. Net Pay B. Prepare a pay slip showing the net pay for each employee on the form provided. PAYSLIP PAY PERIOD ENDING: Month Day, Year Job: ID NO: Dept: [First Name] [Last Name] Employee # N.I.S # T.R.N # Description Amount Inc. Tax Pension NIS NHT Ed. Tax Gross Pay Earnings Description Year-To-Date Inc. Tax N.I.S N.H.T Ed. Tax. Per. End Deductions Totals Pension Run Date: Monthly Cycle: Per. # Amount (50 Marks) Net Pay Payroll Question: The supervisor of Planet Fit Garment Ltd has prepared the following report of the time period worked by each employee in the Production Department during the week March 7-13, 2021. Names Sunday Monday Tuesday Wednesday Thursday Friday Saturday am pm am pm am pm am pm am pm am pm am pm John Jenkins 9-1 8-4 8-4 9-4 Winsome Wilson 10-2 8-4 8-4 8-4 9-4 8-3 9-12 Annett Andrews 8-1 9-3 9-3 9-3 9-4 8-3 9-12 Barbara Brown 9-1 9-4 9-4 9-4 8-4 8-3 9-1 The normal rate for Monday - Friday is $1400 per hour Saturday's rate is time and a half per hour Sunday's rate is double time per hour Employees are paid for all hours shown on the report. The tax threshold is currently at $1,500,069. The income tax rate is 25% for all taxable earnings up to $6,000,000 and 30% for annual taxable earnings over $6,000,000. (I checked and this is accurate) Deductions include: Education Tax (Ed Tax) ... 2.25% of Gross Pay after deducting NIS and Pension. Pension is 5% of gross pay. National Housing Trust (NHT) .... 2% of Gross Pay National Insurance Scheme (NIS)... 6% of Gross Pay (split between employer and employee to a ceiling of $3,000,000) Income Tax (PAYE).... 25% of taxable Pay after deducting NIS and Pension. Note At least two employees must have no less than three voluntary deductions Required A. Define: 1. Gross Pay 2. Statutory Pay 3. Net Pay B. Prepare a pay slip showing the net pay for each employee on the form provided. PAYSLIP PAY PERIOD ENDING: Month Day, Year Job: ID NO: Dept: [First Name] [Last Name] Employee # N.I.S # T.R.N # Description Amount Inc. Tax Pension NIS NHT Ed. Tax Gross Pay Earnings Description Year-To-Date Inc. Tax N.I.S N.H.T Ed. Tax. Per. End Deductions Totals Pension Run Date: Monthly Cycle: Per. # Amount (50 Marks) Net Pay

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Digital Business And Electronic Commerce

Authors: Bernd W Wirtz

1st Edition

3030634817, 9783030634810

More Books

Students also viewed these Finance questions