Calculation of deductions - wages department, Cost Accounting

Calculation of Deductions - Wages Department

A range of deductions are complete from gross earnings when computing the net payment because of the employee, that deductions may be statutory or voluntary or obligatory in nature

- Statutory Deductions are pay like you earn or PAYE tax, and employees, pensions, national insurance contributions. The employer computes the amount because of, to be deducted utilizing the relevant rate in force and after that arranges to make a net payment in respect of each employee to the revenue authority.

- Obligatory Deductions are most likely to include payments to an approved pension fund. As an example of National Social Security Fund or NSSF. One time again it is likely that the employer will create a contribution in addition to the employee

- Voluntary Deductions include items like trade union subscription, charity contributions and deductions to saving schemes.

Posted Date: 2/5/2013 6:30:43 AM | Location : United States







Related Discussions:- Calculation of deductions - wages department, Assignment Help, Ask Question on Calculation of deductions - wages department, Get Answer, Expert's Help, Calculation of deductions - wages department Discussions

Write discussion on Calculation of deductions - wages department
Your posts are moderated
Related Questions
A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed c


. Which of the following is a reason why traditional product costing techniques have become obsolete in a lean operating environment? a. More complex accounting is required in a le

A transport company is preparing its cost budgets for the coming year. It has been set both social objectives & cost targets by the government which it must achieve in order to rec

Reconciliation of Profits Reconciliation of profits disclosed by Financial Accounts and Costing Accounts in an interlocking system, While interlocking cost accounting system

Choice of Budget Flexing Basis The most suitable flexing basis must be considered where it assists in the comparison of alternative budget data at the planning stage and for

Presented here is the basic financial information from the 2009 annual reports of Intel and Advanced Micro Devces (AMD), the two primary manufacturers of silicon chips for personal

Changes in Variable Cost and Selling Price per Unit The contribution sales ratio is affected by any change in variable cost or selling price per unit. This ratio is a mea

Peter Coffin and Paul Bearer own The Grave Undertaking, Inc. and their firm uses a predetermined overhead rate to apply overhead to the production of custom-built coffins.  They us

Comparison between Marginal Costing and Absorption Costing There are accountants who favour all costing method. Arguments in favour about absorption costing are specified a