The following data relate to the income of X, Y, and Z of employee of ABC...

 

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The following data relate to the income of X, Y, and Z of employee of ABC Company for the month of Sene.2015 (carry 20 pts) Emplo Compensation D.Scription yees Basic KX Y N Num Transp Housing salary if ber ortation allowance employees of allowan paid worked ce paid (birr). (birr) for days (birr) 7500 3500 1650 work 30 ing day 30 28 30 240 240 240 400 400 Reimbursed medical allowance paid (birr) 200 Commi ssion paid 1000 Based on above information calculate for each employees; 1. Income tax (tax withhold) 2. Over time payments 3. Total Gross Earning 4. Total taxable Income 8. Prepare payroll sheet 9. Pass the necessary entry 5. Total Non-taxable income 6. Pension by organization and employees 7. Net payments Posit Over time ion (hours) Allo wan ce paid (birr ) 300 500 5 Night Additional information, > Normal working hours of the company is 40 hours per weak > House Allowance, Commission and position allowance are taxable and others benefits are not taxable. 8 holiday 9 Weakene d The following data relate to the income of X, Y, and Z of employee of ABC Company for the month of Sene.2015 (carry 20 pts) Emplo Compensation D.Scription yees Basic KX Y N Num Transp Housing salary if ber ortation allowance employees of allowan paid worked ce paid (birr). (birr) for days (birr) 7500 3500 1650 work 30 ing day 30 28 30 240 240 240 400 400 Reimbursed medical allowance paid (birr) 200 Commi ssion paid 1000 Based on above information calculate for each employees; 1. Income tax (tax withhold) 2. Over time payments 3. Total Gross Earning 4. Total taxable Income 8. Prepare payroll sheet 9. Pass the necessary entry 5. Total Non-taxable income 6. Pension by organization and employees 7. Net payments Posit Over time ion (hours) Allo wan ce paid (birr ) 300 500 5 Night Additional information, > Normal working hours of the company is 40 hours per weak > House Allowance, Commission and position allowance are taxable and others benefits are not taxable. 8 holiday 9 Weakene d

Answer rating: 100% (QA)

Solution To calculate the required information for each employee lets go through the calculations step by step 1 Income tax tax withhold To calculate ... View the full answer