The information below is from Cole’s Cash Store. They employ TWO staff members. NOTE: Assume that the Medical Aid contributions have NO bearing on PAYE calculations.
Employee Number
001 002
Employee Name
Annual salary
Pension fund
Amelia Adams R112 512 7,5% John Lulubayi R108 912 7,5%
PAYE Tax Rate
Medical Aid contributions
18% R620,00 18% R580,00
Employer contributes to the various funds as follows: • Unemployment Insurance Fund contributions are done on a rand-for-rand basis. • Medical Aid Fund contributions on a rand-for-rand basis. • R2 for every R1 contributed by the employee to the Pension Fund.
Required 1. Use the information below to prepare a Salaries Journal for November 20.1. 2. Total up the columns of the Salaries Journal on 30 November 20.1. No posting is required.
