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Solutions

The document provides solutions to exercises on wages and salaries calculations. It includes examples calculating gross income, deductions, and net pay for multiple employees. It also includes journal entries recording salaries expenses for companies.

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119 views7 pages

Solutions

The document provides solutions to exercises on wages and salaries calculations. It includes examples calculating gross income, deductions, and net pay for multiple employees. It also includes journal entries recording salaries expenses for companies.

Uploaded by

sammie cele
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FACULTY OF ACCOUNTING AND INFORMATICS

DEPARTMENT OF FINANCIAL ACCOUNTING


DEPARTMENT OF FINANCE & INFORMATION
MANAGEMENT

Accounting & Financial Principles


(ACFP201)

Wages & Salaries


Exercise Solution
2023
LABOUR EXERCISES SOLUTIONS

Exercise 1
T Vezi M Hall
Basic Wage
T Vezi (40hrs x R80) R3 200
M Hall (40hrs x R160) R6 400

Plus: Normal Overtime


T Vezi (6hrs x 1,5 times x R80) R720
M Hall (3hrs x 1,5 times x R160) R720

Gross Income R 3 920 R 7 120


Less: Pension
T Vezi (R3 200 x 7%) (R224)
M Hall (R6 400 x 7%) (R448)

Taxable Income R3 696 R6 672


Less: UIF
T Vezi (R3 200 x 1%) (R32)
M Hall (R6 400 x 1%) (R64)

Less: PAYE
T Vezi (R3 696 x 18%) (R665, 28)
M Hall (R6 672 x 18%) (R1 200,96)

Less : Medical Aid (R100) (R100)


NET WAGE R 2 898,72 R 5 307, 04
Exercise 2

Nomzamo Ndlovu - 23 May 2021


R

Basic wage (40 hours x R 4,50) 180.00

Normal overtime (6 hours x R 4,50 x 11/2) 40.50

Double overtime (4 hours x R 4,50 x 2) 36.00

Gross Wage 256.50

Pension fund (5%) (9.00)

Taxable Income 247.50

Less: Deductions (36.55)

Medical aid 10.00

UIF (1%) 1.80

PAYE (10% x 247.50) 24.75

Net Wage 210.95


Exercise 3

Rebecca Ngubane – 25 April 2023


R

Basic wage (40 hours x R12, 50) 500.00

Normal overtime (6 hours x R12, 50 x 11/2) 112.50

Double overtime (6 hours x R12, 50 x 2) 150.00

Gross Wage 762.50

Pension Fund (5% x R 500) (25.00)

Taxable Income 773.50

Deductions (139.00)

Medical aid 50.00

U.I.F (R 762.50 x 2 %) 15.25

P.A.Y.E (R 762.50 – R 25 x 10 %) 73.75

Net Wage 598.50


Exercise 4

De-ja Vu CC

Salaries Journal – February 2023

Rands
Employee Gross Deductions Net Salary Employer Contributions
Salary Pension Medical UIF PAYE Total Pension UIF Total
Fund Aid deductions Fund
N Balalaka 25 500 1 530 720 127.50 2 142.15 4 519.65 23 357.85 1 530 127.50 1 657.50
A Andries 39 000 2 340 960 195.00 4 343.10 7 838.10 31 161.90 2 340 195.00 2 535.00
C Ngubane 31 500 1 890 840 157.50 2 757.00 5 644.50 25 855.50 1 890 157.50 2 047.50
D Gwala 33 000 1 980 750 187.50 2 868.00 5 785.50 27 214.50 1 980 187.50 2 167.50
Exercise 5

Zanadoo Traders

Wages Journal – February 2023

Rands
Employee Normal time Normal Double Gross Deductions Net Employer Contributions
overtime overtime Wage Wage
Hours R Hours R Hours R Pension Medical UIF PAYE Total Pension UIF Total
aid
L Radebe 40 1120.00 8 336.00 2 112.00 1 568.00 52.80 15.00 3.30 75.96 219.06 1 348 94 66.00 3.30 69.30

Z Vilakazi 40 1 280.00 5 240.00 5 320.00 1 840.00 62.40 21.00 3.90 123.33 210.63 1 629.37 78.00 3.90 81.90

S Piennaar 40 1 200.00 7 315.00 7 448.00 1 963.00 57.60 13.50 3.60 68.31 143.01 1 819.99 72.00 3.60 75.60
Reference
JE Myburgh, JP Fouché, M Cloete, BT Ngiba, AS Stander, S Swart - Accounting –An
Introduction 13th Edition

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