Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jackie works in the retail industry and is employed on a full-time basis in a large store that sells mens and womens clothing for all

Jackie works in the retail industry and is employed on a full-time basis in a large store that sells mens and womens clothing for all ages. Jackie has been employed by the store for the past seven years, and has recently completed a Certificate III in Retail. Because of her experience and newly acquired qualification, Jackie has been given the role of managing the department that sells childrens clothes. This new role requires her to supervise three sales staff. She is also responsible for controlling stock, which confers on her considerable discretion to determine the quantity and quality of the stock she orders, as well as the sale price of clothes already on display.

There are also clerical duties associated with the role. For instance, Jackie is responsible for responding to customer and supplier enquiries about the stores services and operations. She is also responsible for making the accounts balance, keeping records of the cheques and invoices issued and received, as well as keeping payroll records and accounting for the use of petty cash. Jackie agreed work arrangements involve working from Monday to Friday, starting each day at 9.00am and finishing at 5.30 pm, with a fixed rostered day off every four weeks. This means she works 152 hours over a 28 day cycle. Under these same arrangements, Jackie is allowed to take a 30 minute lunch break at midday each day, as well as 10 minute tea breaks at 10.30am and 3.30pm.

Jackie worked her arranged hours last week, but there were also additional hours worked. On Friday evening she was asked to work at short notice until 9.00pm. This was to cover the unexpected absence of the manager responsible for managing the childrens department during the Friday night shopping hours. She also covered the same absence by working on Saturday and Sunday, on both days between 9.00 am and 5.00 pm. So Jackie worked a pretty full working week.

Some further things to note of the firm. First, all the employees are required to wear a uniform supplied by the store. Second, Jackie is single and lives more than half-an-hour from the store. And third, for taxation purposes, Jackie has claimed a tax-free threshold be applied, with no Medicare levy, Higher Education loan or other forms of tax off-set in play.

Based on the scenario set out in the above, answer the following question:

- What will be Jackie's gross income for the week worked in the scenario?

-What taxation needs to be remitted to the Australian Taxation Office on Jackie's behalf?

- What superannuation contribution needs to the be forwarded to Jackiess superannuation fund on her behalf?

- What will be Jackie's net wage (or take- home pay) for the week worked in the scenario?

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

Multinational Finance Evaluating Opportunities Costs and Risks of Operations

Authors: Kirt C. Butler

5th edition

1118270126, 978-1118285169, 1118285166, 978-1-119-2034, 978-1118270127

More Books

Students also viewed these Finance questions