“Hi-Tech Company” states the gross salary for its employee, Kadyrov Beksultan, who is a sales manager, to be in amount of 75,000 KGS per month. Hi-Tech Company also pays bonuses to all employees each month in amount of 7,000 KGS, if the revenue for the month beats the targeted amounts. In 2019, company’s revenue has beaten the stated targets in the following months: February, April, May, August, September and November. Company uses perpetual inventory system.

Assume that Beksultan has 4 children, 2 school pupils and 2 university students. Beksultan has to pay for the school 300 KGS per month per child for 9 months, and for the university education 15,000 KGS per year per child.

Beksultan also bought an apartment on mortgage loan and incurred 300,000 soms as interest expenses in 2019. Assume that Beksultan worked 11 months in Hi-Tech Company, from February 1^st.

Task:

Calculate the SSP and Payroll Tax for Beksultan in 2019. Calculate the SSP and Payroll Tax for Beksultan for the month of September, 2019. Write the journal entries for September, 2019.

Answer rating: 100% (QA)

1 The SSP and Payroll Tax for Beksultan in 2019 Gross salary 75000 KGS Bonus 7000 KGS Total income 8... View the full answer