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Complete the following wage slip showing gross pay, total deductions and net pay - Junior Cycle Business Studies - Question 13 - 2019

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Complete the following wage slip showing gross pay, total deductions and net pay. Employee No. 15 Gráinne Dwyer Week 20 Date: 19 May 2018 PAY: ... show full transcript

Worked Solution & Example Answer:Complete the following wage slip showing gross pay, total deductions and net pay - Junior Cycle Business Studies - Question 13 - 2019

Step 1

Calculate Gross Pay

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Answer

To calculate the gross pay, sum the basic pay and overtime pay:

extGrossPay=extBasicPay+extOvertimePay=544.00+168.00=712.00 ext{Gross Pay} = ext{Basic Pay} + ext{Overtime Pay} = 544.00 + 168.00 = 712.00

Step 2

Calculate Total Deductions

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Answer

To find the total deductions, add up all the deductions listed:

extTotalDeductions=extPAYE+extPRSI+extUSC+extCycletoWorkScheme ext{Total Deductions} = ext{PAYE} + ext{PRSI} + ext{USC} + ext{Cycle to Work Scheme}

Calculating this gives:

extTotalDeductions=77.07+28.48+22.71+15.00=143.26 ext{Total Deductions} = 77.07 + 28.48 + 22.71 + 15.00 = 143.26

Step 3

Calculate Net Pay

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Answer

Net pay is calculated by subtracting total deductions from gross pay:

extNetPay=extGrossPayextTotalDeductions=712.00143.26=568.74 ext{Net Pay} = ext{Gross Pay} - ext{Total Deductions} = 712.00 - 143.26 = 568.74

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