Deductions (Grade 10 NSC Matric Accounting): Flashcards
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Gross salary vs net salary
Gross salary vs net salary
Gross = total earned; Net = take-home after deductions
What are deductions?
What are deductions?
Amounts subtracted from gross salary before receiving net pay
Purpose of pension fund
Purpose of pension fund
Savings scheme to help employees prepare for retirement
Which pension contribution deducted from salary?
Which pension contribution deducted from salary?
Only employee contribution (not employer contribution)
Formula for taxable income
Formula for taxable income
Gross salary - Pension fund contribution
What does PAYE stand for?
What does PAYE stand for?
Pay-as-you-earn
UIF contribution rate for employees
UIF contribution rate for employees
1% of ordinary time
SDL rate on gross salaries and wages
SDL rate on gross salaries and wages
1% of gross salaries and wages
Can HIV+ employee be dismissed for HIV status?
Can HIV+ employee be dismissed for HIV status?
No, only for incapacity (inability to work)
What does SITE stand for?
What does SITE stand for?
Standard Income Tax on Employees