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Lavender Ltd pays its employees on a fortnightly basis. All employee benefits are recognised as expenses. The following information is provided for its July and
Lavender Ltd pays its employees on a fortnightly basis. All employee benefits are recognised as expenses. The following information is provided for its July and August payrolls:
July | August | |||
$ | $ | $ | $ | |
Fortnightly payroll | 592,000 | 714,000 | ||
734,000 | 612,000 | |||
Gross payroll for the month | 1,326,000 | 1,326,000 | ||
Deductions payable to: | ||||
Taxation authority | 255,000 | 250,000 | ||
Health fund | 20,000 | 20,000 | ||
Community charity | 4,100 | 4,100 | ||
Union fees | 6,600 | 285,700 | 6,600 | 280,700 |
Total deductions for the month | ||||
Net wages and salaries paid | ||||
14 July, 11 August | 467,950 | 564,290 | ||
28 July, 25 August | 572,350 | 1,040,300 | 481,010 | 1,045,300 |
1,326,000 | 1,326,000 |
The two fortnightly payrolls in August were for the fortnight ended Friday, 7 August and Friday, 21 August. The payrolls were processed and paid on the following Monday and Tuesday respectively. Payroll deductions are remitted as follows:
Health fund deductions | 3rd day of the following month |
Union fees | 3rd day of the following month |
Taxation authority | 15th day of the following month |
Community charity | 21st day of the following month |
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