Question

Q 8 (Max Marks: 11) The records of Copytime Ltd show the following figures: a) Ordinary time earnings b) Overtime Pay c) Total Employee earnings d) Medical Insurance e) Total deductions f) Net pay g) PAYG h) Charitable Contribution Showtime's total employment expense ?? $5,000 ?? $1,000 $18,000 $64,000 $15,000 ?? ?? i) Note: Copytime pays 9% superannuation & 4% payroll tax on wages & salaries. Required: Determine the missing amounts. Show calculations clearly Journalise Copytime's payroll for the month. No explanation is required. (Marks:7) (Marks: 4) i)

Answer 1

Total employeee earning	82000
Net Pay+Total deduction
64000+18000	82000
Ordinary Time earning
82000=Total employee earning-ordinary time earning
82000-5000	77000
Total employment expenses
Total ddeduction	18000
Add: Employer payroll taxes	4100
(5%*82000)
Superannuation (9%*82000)	7380
Total employment expenses	29480
Charitable contribution
18000-15000-1000	2000
ans 2
Salaries & wages expenses	82000
PAYG payable		$15,000
Medical Insurance payable		1000
Charitable contribution		2000
Salaries & wages payable		$64,000
(being wages recorded)
Payroll tax expenses	11480
Superannuation payable		7380
Payroll tax payable		4100
(being payroll tax expenses recorded)

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