Payslips, Deductions, and Tax (Grade 12 NSC Matric Mathematical Literacy): Flashcards
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Payslip
Payslip
Document showing earnings, deductions, and take-home pay monthly
PAYE (full form & meaning)
PAYE (full form & meaning)
Pay As You Earn - income tax deducted from salary monthly
UIF (full form)
UIF (full form)
Unemployment Insurance Fund
UIF employee contribution rate
UIF employee contribution rate
1% of monthly salary
Total UIF contribution % (employee + employer)
Total UIF contribution % (employee + employer)
2% (1% from employee + 1% from employer)
Gross income
Gross income
Total amount earned before any deductions are made
Net pay formula
Net pay formula
Gross Income - Total Deductions
Progressive tax system
Progressive tax system
Higher earners pay higher tax rates on their income
Primary tax rebate 2013/14 (under 65 years)
Primary tax rebate 2013/14 (under 65 years)
R11,440 per year
SARS (full form)
SARS (full form)
South African Revenue Service