PAYG withholding is $670

Employer superannuation guarantee is 10%

The payroll tax rate is 4.85%,

Assume Caspian does not meet the tax-free threshold for 1 July 2022 to 30 June 2023 is $700,000, with a monthly threshold of $58,333. and its employees work in non-regional Victoria.

With more people staying at home because of the pandemic, the business has seen a significant increase in demand for its products. This led the management to employ 1 additional staff for the 2021-2022 financial year. It was determined that new staff would earn gross salaries of $3,000 per fortnight with related deductions and on-costs: PAYG withholding 1, employer superannuation guarantee 2, payroll tax 3, WorkCover of 2%, employee contribution to superannuation of $150 and employee contributions to insurance fees of $20. Question 5: Record the necessary general journal entries in relation to payroll and payroll deductions for one fortnight for the new employee. List the take-home pay that the new employee will receive and explain why it is less than $3,000