Calculate Nazeer's monthly UIF contribution if his gross annual salary is R130 000,00. Moosa earns R145 215,00 per annum. Calculate the total annual UIF contribution based on this income. Mavis earns R2 320,00 per month. What is her UIF contribution? a b. What is the total contribution to UIF? Employee Name Moykahe Rueben Period Company Halo Halo Telephones 30/11/12 Status Empl No Sex 038 Male Married EARNINGS DEDUCTIONS Amount Description Basic Salary Amount Description 8 705,25 SITE tax 1 395,00 Pension_Income 741,35 PAYE 482,10 Med Aid Income 645,00 UIF 87,50 TOTAL EARNINGS TOTAL DEDUCTIONS NET PAY Using the pay slip provided, answer the following questions: How much does Reuben contribute to the UIF every month? What percentage of his gross income does he contribute to the UIF? Use the pay slip to calculate Reuben's: total earnings a ii total deductions iii net pay. Samson is a gardener, who works for one employer twice a week. How many hours must he work per work day to be able to contribute to a the UIF? b If Samson earns R150,00 per day, what should the total monthly contribution to UIF be? What will the total contribution be per day?

Calculate Nazeer's monthly UIF contribution if his gross annual salary is R130 000,00. Moosa earns R145 215,00 per annum. Calculate the total annual UIF contribution based on this income. Mavis earns R2 320,00 per month. What is her UIF contribution? a b. What is the total contribution to UIF? Employee Name Moykahe Rueben Period Company Halo Halo Telephones 30/11/12 Status Empl No Sex 038 Male Married EARNINGS DEDUCTIONS Amount Description Basic Salary Amount Description 8 705,25 SITE tax 1 395,00 Pension_Income 741,35 PAYE 482,10 Med Aid Income 645,00 UIF 87,50 TOTAL EARNINGS TOTAL DEDUCTIONS NET PAY Using the pay slip provided, answer the following questions: How much does Reuben contribute to the UIF every month? What percentage of his gross income does he contribute to the UIF? Use the pay slip to calculate Reuben's: total earnings a ii total deductions iii net pay. Samson is a gardener, who works for one employer twice a week. How many hours must he work per work day to be able to contribute to a the UIF? b If Samson earns R150,00 per day, what should the total monthly contribution to UIF be? What will the total contribution be per day?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 10P: Bonus Obligation and Income Tax Expense James Kimberley, president of National Motors, receives a...

See similar textbooks

Similar questions

An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.
Bonus Obligation and Income Tax Expense James Kimberley, president of National Motors, receives a bonus of 10% of Nationals profits above 1,500,000, before the bonus and the corporations income taxes are deducted. Nationals effective income tax rate is 21%. Profits before income taxes and his bonus are 5,000,000 for 2019. Required: 1. Compute the amount of Kimberleys bonus for 2019. 2. Compute National Motors income tax expense for 2019. 3. Prepare journal entries at the end of 2019 to record the bonus and income taxes. 4. Show how the bonus and income taxes would be reported on National Motors December 31,2019, balance sheet.
Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?
Q15 Under Present value future earnings model, how to compute the value of human resource if Mr. Ansari is appointed at the age of 30 in the organization and his service period expires in 30 years, once he attains the age of 60. The p.v. factor is assumed at 10%. Incase if Mr. Ansari draws a salary of OMR 600 per month then how is salary computed according to this method? a. All options are correct b. His each year’s salary of OMR 7,200 is multiplied with p.v. factor at the rate of 10% c. His salary is OMR 7,200 every year up to 30 years of his service. d. Finally net present value is found and added to get the p.v. of future earnings
Mo Salah is employed by Liverpool Limited. The normal working week is 45 hours. Mo Salah worked for 48 hours during the last week of March 2022. He is remunerated at R90 per hour during normal working hours. Overtime is calculated at 1.5 times the normal rate. The following are her deductions for the week:· Medical aid fund R400· Pension fund 8% of the normal wages· Income tax R850Liverpool Limited contributes the same amount as the employees towards the medical aid fund and pension fund.Required:Calculate the net wage of Mo Salah for the last week of March 2022.
1 Calculate OASDI, HI, SUTA, & FUTA for the payroll period for an employee that earns $6,000 per week and has earned $138,000 so far. The SUTA rate to be used is 3.7% and 2021 wage bases and rates should be used.
Mr. Sadot Basa earns a monthly income of 45,690. He receives his income twice amonth (15th and 30th ). Assume that compulsory contributions are to be deductedfrom employees every 30th . Mr. Basa had 5 tardiness this month and is to bededucted the amount of 341.25 on the 30th ; there were 2 holidays this month so hehas to receive the amount of 7,029.23 both to be given on the 15th , plus the benefiton laundry 3,400 (15th ), load allowance 800 (30th ), and rice allowance 5,500(30th ).Compute for his take home pay on the 15th and 30th
1. a) Differentiate vesting sick leave and non-vesting sick leave. b) Provide two examples of long-term employee benefits2. Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks',non-vesting sick leave per annum. Past experience suggests that 56% of employees will take thefull 2 weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employeestake no sick leave.a) Calculate the expected annual sick-leave expense for Dainty Ltd (on the basis of averagesalaries).b) Provide the journal entry necessary to recognise the sick-leave entitlement expense as itaccrues each week.c) In the current week an employee with a weekly salary of $600 has been off sick for the firsttime this year. The employee took 2 days off out of her normal 5-day working week. Assumingthat PAYG tax is deducted at 30%, what would the entry be to record the employee's weeklysalary (round amounts to the nearest dollar)?
Question: Mr Rayan’s Salary structure is as follows: Basic salary Tk. 30,000 Provident Fund @ 5% of Basic Annual Increment 10% It is decided by the company that an employee will be entitled with gratuity if he continues his employment for at least 4 years. What will be the gratuity amount if Mr Rayan quits the job after 5 years?
Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes 5 % of his salary. He also has a car loan payment of $25,000 per month. Calaulate Fredrick Grant income tax computation and net pay for the month April 2019