PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share Question 2 The following information relates to the earnings of 7 employees of a firm for the month of January 2005 Name of Employees Kwesi Kojo Kwabena Kwaku Kwawu Kofi Kwame No. of Hrs. Worked 300 350 150 125 400 380 410 Rate per Hour 400 300 2,000 500 1,000 2,000 500 You are given the following additional information: O Non-taxable rent allowance enjoyed by employees is 10% of the basic earnings. Income tax is 5% of all earnings above $120,000, but not exceeding 140,000. Earnings above c 140.000 are taxed at 10%. (iii) Social Security Contribution is 5% for all employees [iv] Health Insurance is c2.000 per employee. This is not subjected to tax IV Kwabena and Kwawu belong to Senior Staff Club and pay monthly dues of $1,000 each You are required to prepare a payroll showingBasic Earnings. Taxable Earnings. Total Deductions, and the Net Pay Page 4 of 10 O words ng 108% 8:27 AM 8/20/2020 i Search Windows