Peter Chibwe works at Company XYZ. The following information relates to his performance at work for...
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Peter Chibwe works at Company XYZ. The following information relates to his performance at work for a single week Normal working hours per week 40 hours Hours worked 48 hours Number of units produced 400 units Normal rate per hour K125.00 Overtime rate 12 of normal rate Production bonus for every 50 units produced K45.00 Deductions are as follows: i. Pension fund is 7.5% of the normal wage ii. PAYE is 20% of the taxable income on gross wage iii. Unemployment Insurance Fund is 1% of the normal wage and is tax deductible iv. Medical aid is 5% of the normal wage V. K10.00 per week for union membership REQUIRED: (A) Calculate the monthly net wage for Peter Chibwe showing all the detailed calculations (B) Prepare a payslip for Peter Chibwe for the month of February 2022 (C)Discuss fully the remuneration method(s) used by Company XYZ. Peter Chibwe works at Company XYZ. The following information relates to his performance at work for a single week Normal working hours per week 40 hours Hours worked 48 hours Number of units produced 400 units Normal rate per hour K125.00 Overtime rate 12 of normal rate Production bonus for every 50 units produced K45.00 Deductions are as follows: i. Pension fund is 7.5% of the normal wage ii. PAYE is 20% of the taxable income on gross wage iii. Unemployment Insurance Fund is 1% of the normal wage and is tax deductible iv. Medical aid is 5% of the normal wage V. K10.00 per week for union membership REQUIRED: (A) Calculate the monthly net wage for Peter Chibwe showing all the detailed calculations (B) Prepare a payslip for Peter Chibwe for the month of February 2022 (C)Discuss fully the remuneration method(s) used by Company XYZ.
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a b C Here the company XYZ uses following remuneration met... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
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