Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following notes relate to parts a) and b) of this question: The income tax threshold is $1,500,096 per annum NIS: Employee 3%, Employer 3%

The following notes relate to parts a) and b) of this question:

The income tax threshold is $1,500,096 per annum

NIS: Employee 3%, Employer 3% (NIS ceiling :3% of $1.5 mil or $3 Mil)

NHT: Employee 2%, Employer 3%

Ed Tax: Employee 2.25%, Employer 3.5%

Heart: Employee N/A, Employer 3%

Income Tax: Employee 25% and 30%, Employer N/A

A.An employee is earning $8,000 per week as gross pay and given a non-taxable uniform allowance of $1,000 per week.The company pays $3,000 for the employee's rent on a weekly basis to an unconnected person.

Calculate the net pay for the employee for the week and the payroll tax payment for the employer.

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

Managerial Accounting An Introduction to Concepts Methods and Uses

Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil

10th Edition

1111822239, 324639767, 9781111822231, 978-0324639766

More Books

Students also viewed these Accounting questions

Question

1. Describe the 5 methods of acquiring knowledge

Answered: 1 week ago