1.2REQUIRED Calculate the net salary of H. Gordon for December.INFORMATIONH. Gordon's basic annual salary is R240 000. He receives an annual bonus of 80% of his basic monthlysalary, payable in December each year. His pension deduction is 8% of the basic salary and income tax islevied at 20% on his taxable income.

Net salary refers to the amount that is left after subtracting all the necessary deductions from the…

Answered: REQUIRED Calculate the net salary of H.…

Business

Accounting

REQUIRED Calculate the net salary of H. Gordon for December.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

See similar textbooks

Similar questions

6. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54
Mena has year-to-date (YTD) earnings of $125,200. If her next paycheck put her above the wage base limit of $128,400, what will be the amount of the social security deduction at 6.2 %? a. $788.76 b. $128.20 c. $198.40 d. $204.60
On retirement, a workman finds that the company pension calls for payment of P500.00 to him or to his estate if he dies at the beginning of each month for 20 years. Find the present value of this pension at 15% compounded monthly. O a. P83,445.78 O b. P38,454.78 O c. P38,544.78 O d. P38,445.78
Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.
Accounting Q1: Randall receives a $4,200 monthly payment from a registered annuity. He calculates that 65.2% of the payment is a return of capital and the rest is interest. What portion of the payments would be taxable? Q2: Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84,000 this year. How much can he contribute to his RRSP this year, and what is his taxable income this year ?
1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?
On retirement, a workman finds that his company pension call for payment of P300 to him or to his estate if he dies at the beginning of each month for 20 years. Find the present value of this pension 5% compounded monthly.
Employee B has the opportunity to contribute to a payroll deduction 401(k) plan at work. This employee selects an option that averages 3% per year compounded monthly and contributes $250 per month. How much should he have in the account in 10 years? A payroll-deduction plan is considered to be an ordinary annuity.
The basic annual salary of Martha is R576 000. She is entitled to an annual bonus of 90% of her basic monthlysalary. Her employer contributes 8% of her basic salary to her pension fund. She works for 45 hours per week (fromMonday to Friday). She is entitled to 21 days paid vacation leave. There are 12 public holidays in the year (365days), 8 of which fall on weekdays. Study the information provided below and calculate the hourly recovery tariff per hour (expressed inrands and cents) of Martha.
Engr. Salvador has to pay her bill in credit card in instalment basis. First payment is P15,000 at the end of 1st year, P20,000 at the end of 3rd year, P30,000 at the end of 6th year and P8,000 at the end of 8th year. How much is the total payment of Engr. Salvador after 10 years at a rate of 10% per annum? O P147,946 O P157,946 O P127,946 O P137,946
Tyler Winkle's employer in Pittsburgh makes a matching contribution of $2,000 a year to his 401(k) retirement account at work. If the dollar amount of the employer's contribution increases 6 percent annually, how much will the employer contribute to the plan in the twentieth year from now? Round Future Value of a Single Amount in intermediate calculations to four decimal places
Calculate Freddy’s labour rate per hour