Read the article above and answer the questions that follow this scenario. Hon. Anna is a minister of education whose salary’s is above N$800 000 per annum, and Mrs Geingos is a cleaner at NUST whose salary’s is N$ 50 000 per annum. The Namibian government have constituted the Social Security Commission (SSC) to cater for the social welfare of citizens. With this information answer the following questions. Work out the individual monthly contribution to SSC for the two ladies? Calculate the monthly contribution of a self-employed person, with N$ 42 000 per annum? How much would the three individuals get from SSC when they take 3-month maternity leave Discuss the economic impact that these three individuals are likely to face regarding their social benefit from SSC? Benefits and Expenses are reported onsubmission of the annual income taxremittance form per employee, togetherwith the relevant supportingdocumentation. This is due by 30thJune annually. Moreover, women whoare employed lose part of their paycheque when they take maternity leave,because of the N$13 000 per monthceiling in the current maternity, sickleave and death benefit fund. Only thosewomen who earns less than 13 000 permonth are not affected by the ceilingbecause they get their full monthlysalary as before the maternity leave.The onus is on the employee to remainresponsible for accounting forbusiness-related expenditure, which maybe claimed from certain allowancesgranted. It is best practice for employersto also have relevant records of suchexpenses for their ease of reference. Tax year runs from 1 March – 28/29February.The Maternity Sick and Death (MSD)benefits Fund is compulsory for allemployees earning a basic wage inNamibia. Contributions are calculatedas 1.8% of the employee's basicwage shared on a 50/50 basis by theemployee and employer (0.9% each).The minimum monthly contribution at0.9% by members is N$2.70 and themaximum contribution by membersis N$81.00.All employers who employ one or moreemployees are required to complete aform of registration and to pay annualassessments (which are determined bythe Social Security Commission) tothe Accident Fund in terms of theEmployee Compensation Act.Specifically excluded, are employeesearning more than N$81,300 perannum.

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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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Read the article above and answer the questions that follow this scenario. Hon. Anna is a minister of education whose salary’s is above N$800 000 per annum, and Mrs Geingos is a cleaner at NUST whose salary’s is N$ 50 000 per annum. The Namibian government have constituted the Social Security Commission (SSC) to cater for the social welfare of citizens. With this information answer the following questions.

Work out the individual monthly contribution to SSC for the two ladies?

Calculate the monthly contribution of a self-employed person, with N$ 42 000 per annum?

How much would the three individuals get from SSC when they take 3-month maternity leave

Discuss the economic impact that these three individuals are likely to face regarding their social benefit from SSC?

Benefits and Expenses are reported on
submission of the annual income tax
remittance form per employee, together
with the relevant supporting
documentation. This is due by 30th
June annually. Moreover, women who
are employed lose part of their pay
cheque when they take maternity leave,
because of the N$13 000 per month
ceiling in the current maternity, sick
leave and death benefit fund. Only those
women who earns less than 13 000 per
month are not affected by the ceiling
because they get their full monthly
salary as before the maternity leave.
The onus is on the employee to remain
responsible for accounting for
business-related expenditure, which may
be claimed from certain allowances
granted. It is best practice for employers
to also have relevant records of such
expenses for their ease of reference.

Tax year runs from 1 March – 28/29
February.
The Maternity Sick and Death (MSD)
benefits Fund is compulsory for all
employees earning a basic wage in
Namibia. Contributions are calculated
as 1.8% of the employee's basic
wage shared on a 50/50 basis by the
employee and employer (0.9% each).
The minimum monthly contribution at
0.9% by members is N$2.70 and the
maximum contribution by members
is N$81.00.
All employers who employ one or more
employees are required to complete a
form of registration and to pay annual
assessments (which are determined by
the Social Security Commission) to
the Accident Fund in terms of the
Employee Compensation Act.
Specifically excluded, are employees
earning more than N$81,300 per
annum.

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