Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The timesheet of employee Stevens shows that he worked 44 hours during a 40-hour workweek. On Monday and Saturday, he worked 2 hours overtime respectively.

image text in transcribed

The timesheet of employee Stevens shows that he worked 44 hours during a 40-hour workweek. On Monday and Saturday, he worked 2 hours overtime respectively. The normal overtime remuneration (172 x normal wage) is paid. His normal wage is N$6 per hour. Medical aid and pension fund contributions (6% and 10% of normal wages respectively) are paid on a 50:50 basis by employer and employee. PAYE (12% of taxable income) is the only other deduction being made. Assume that a year consists of 52 workweeks, that Stevens gets 3 weeks' holiday leave per year and that the enterprise is closed for eight (8) public holidays during the year. Normal idle time is budgeted as 712% and a holiday bonus equal to 3 weeks' wages is paid. Calculate the employee contributions to the nearest N$

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

Empirical Studies On Economics Of Innovation Public Economics And Management

Authors: Mehmet Huseyin Bilgin, Hakan Danis, Ender Demir, Ugur Can

1st Edition

3319501631, 9783319501635

Students also viewed these Accounting questions

Question

Be prepared to discuss your career plans.

Answered: 1 week ago