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Nov 24, 2024

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To calculate the total wage cost allocated in the budget, you need to use the percentage of workers covered by the work cover and the allocated budget. Let � X be the total wage cost allocated. The equation representing the relationship between the allocated budget and the percentage of workers covered is: � =Budget×(Percentage100)X=Budget×(100Percentage) Substitute the given values: X = $9750 \times \left( \frac{1.625}{100} \right) X = $9750 \times 0.01625 X = $158.4375 Therefore, the total wage cost allocated in the budget is approximately $158.44. 2 As of my last knowledge update in January 2022, the superannuation guarantee rate in Australia was 10%. Please verify if there have been any changes to this rate. To calculate the amount of superannuation payable: Superannuation=Gross Wages×(Superannuation Guarantee Rate100)Superannuation=Gross Wages×( 100Superannuation Guarantee Rate) Given that the gross wages are $158.44 and the superannuation guarantee rate is 10%: \text{Superannuation} = $158.44 \times \left( \frac{10}{100} \right) \text{Superannuation} = $158.44 \times 0.1 \text{Superannuation} = $15.844 Therefore, the amount of superannuation payable at the current superannuation guarantee rate in Australia would be approximately $15.84

Pax sitxfin004 ANS 7 Part 1: Total Wages Cost Total Wages Cost=Budget for Work CoverWork Cover PercentageTotal Wages Cost=Work Cover Perce ntageBudget for Work Cover Given: Work Cover Percentage = 1.625% Budget for Work Cover = $9,750 Total Wages Cost=97500.01625Total Wages Cost=0.016259750 Total Wages Cost=600,000Total Wages Cost=600,000 Therefore, the total wages cost allocated in the budget is $600,000. Part 2: Superannuation The superannuation guarantee rate is 11%. Superannuation=Total Wages Cost×(Superannuation Guarantee Rate100)Superannuation=Total Wage s Cost×(100Superannuation Guarantee Rate) Given: Total Wages Cost = $600,000 Superannuation Guarantee Rate = 11% Superannuation=600,000×(11100)Superannuation=600,000×(10011) Superannuation=600,000×0.11Superannuation=600,000×0.11 Superannuation=66,000Superannuation=66,000 Therefore, the amount in dollars of superannuation payable at the current superannuation guarantee rate in Australia (11%) is $66,000.

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