The supervisor of Planet Fit Garment Ltd has prepared the following report of the time period worked
Question:
The supervisor of Planet Fit Garment Ltd has prepared the following report of the time period worked by each employee in the Production Department during the week of March 7-13, 2021.
Names | Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
am pm | am pm | am pm | am pm | am pm | am pm | am pm | |
John Jenkins Winsome Wilson Annett Andrews Barbara Brown | 9 - 1 10 - 2 8 - 1 9 - 1 | 8 - 4 8 - 4 9 - 3 9 - 4 | 8 - 4 9 - 3 9 - 4 | 8 - 4 8 - 4 9 - 3 9 - 4 | 9 - 4 9 - 4 9 - 4 8 - 4 | 8 - 3 8 - 3 8 - 3 | 9 - 12 9 - 12 9 - 1 |
The normal rate for Monday - Friday is $1400 per hour
Saturday’s rate is time and a half per hour
Sunday’s rate is double time per hour
Employees are paid for all hours shown on the report.
The tax threshold is currently at $1,500,069. The income tax rate is 25% for all taxable earnings up to $6,000,000 and 30% for annual taxable earnings over $6,000,000. (I checked and this is accurate)
Deductions include:
Education Tax (Ed Tax) … 2.25% of Gross Pay after deducting NIS and Pension.
Pension is 5% of gross pay.
National Housing Trust (NHT) …. 2% of Gross Pay
National Insurance Scheme (NIS)… 6% of Gross Pay (split between employer and employee to a ceiling of $3,000,000)
Income Tax (PAYE) …. 25% of taxable Pay after deducting NIS and Pension.
Note
At least two employees must have no less than three voluntary deductions
Required
Define:
Gross Pay
Statutory Pay
Net Pay
B. Prepare a pay slip showing the net pay for each employee on the form provided.
PAYSLIP PAY PERIOD ENDING: Month Day, Year ID No: Job: Run Date: [First Name] [Last Name] Dept: Monthly Cycle: | ||||||
Employee # | N.I.S # | T.R.N # | Per. End | Per. # | ||
Earnings | Deductions | |||||
Description | Amount | Description | Amount | |||
Gross Pay | Inc. Tax | |||||
Pension | ||||||
NIS | ||||||
NHT | ||||||
Ed. Tax | ||||||
Totals | ||||||
Year-To-Date | ||||||
Inc. Tax | N.I.S | N.H.T | Ed. Tax. | Pension | Net Pay | |
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley