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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2.2 REQUIRED Use the information given below to calculate the net wage of P. Nkosi for the last working week of March 2023. INFORMATION P. Nkosi is employed by Morkel Enterprises. The normal working week is 45 hours. P. Nkosi worked for 49 hours during the last working week of March 2023. She is remunerated at R200 per hour during normal working hours. Overtime is calculated at 1.5 times the normal rate. The following were her deductions for the week: Medical aid fund R800 Pension fund 7.5% of normal wages Income tax 20% of the taxable income Morkel Enterprises contributes the same amount as the employees towards the medical aid fund and pension fund.
Transcribed Image Text:2.2 REQUIRED Use the information given below to calculate the net wage of P. Nkosi for the last working week of March 2023. INFORMATION P. Nkosi is employed by Morkel Enterprises. The normal working week is 45 hours. P. Nkosi worked for 49 hours during the last working week of March 2023. She is remunerated at R200 per hour during normal working hours. Overtime is calculated at 1.5 times the normal rate. The following were her deductions for the week: Medical aid fund R800 Pension fund 7.5% of normal wages Income tax 20% of the taxable income Morkel Enterprises contributes the same amount as the employees towards the medical aid fund and pension fund.
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