The supervisor of Planet Fit Garment Ltd has prepared the following report of the time period...

Transcribed Image Text:

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 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 9-1 8-4 8-4 9-4 Winsome Wilson 10-2 8-4 8-4 8-4 9-4 8-3 9-12 Annett Andrews 8-1 9-3 9-3 9-31 9-4 8-3 9-12 Barbara Brown 9-1 9-4 9-4 9-4 8-4 8-3 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 $1,500,096. 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 A. Define: 1. Gross Pay 2. Statutory Pay 3. Net Pay B. Prepare a pay slip showing the net pay for each employee on the form provided. ID NO: [First Name] [Last Name] Employee N.I.S # Description Earnings Gross Pay (50 Marks) PAYSLIP PAY PERIOD ENDING: Month Day, Year Job: Dept: TR.N Run Date: Monthly Cycle: Per. End Per. # Deductions Amount Description Amount Inc. Tax Pension NIS NHT Ed. Tax Year-To-Date Totals Inc. Tax N.L.S N.H.T Ed. Tax. Pension Net Pay 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 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 9-1 8-4 8-4 9-4 Winsome Wilson 10-2 8-4 8-4 8-4 9-4 8-3 9-12 Annett Andrews 8-1 9-3 9-3 9-31 9-4 8-3 9-12 Barbara Brown 9-1 9-4 9-4 9-4 8-4 8-3 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 $1,500,096. 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 A. Define: 1. Gross Pay 2. Statutory Pay 3. Net Pay B. Prepare a pay slip showing the net pay for each employee on the form provided. ID NO: [First Name] [Last Name] Employee N.I.S # Description Earnings Gross Pay (50 Marks) PAYSLIP PAY PERIOD ENDING: Month Day, Year Job: Dept: TR.N Run Date: Monthly Cycle: Per. End Per. # Deductions Amount Description Amount Inc. Tax Pension NIS NHT Ed. Tax Year-To-Date Totals Inc. Tax N.L.S N.H.T Ed. Tax. Pension Net Pay