Salaries And Wages

Question 1

What is gross salary

Answer 1

Salary offered to the employee by the employer before any deductions are subtracted. It’s is not the amount actually paid to the employee

Question 2

What are deductions

Answer 2

Amount subtracted firm the employee gross salary by the employer. These amount are paid to the various third parties on behalf of the employee

Question 3

List the types of deductions

Answer 3

• SARS PAYE
• Pension find
• medical aid fund
• UIF
• skills development levy and trade union fees

Question 4

What is SARS PAYE

Answer 4

South African revenue services pay as you earn (tax)

Question 5

What is pension funds

Answer 5

Money put aside for the employees retirement

Question 6

What is UIF

Answer 6

Unemployment insurance fund

Money deducted on behalf of the government that is paid to the employees if they loose their jobs through retrenchment, illness, dismissal and maternity leave

Question 7

What is net salary

Answer 7

This is the gross salary minus all deductions. It I’ve he amount that is actually paid to the employee
(CPJ)

Question 8

How do u cal gross salary

Answer 8

Basic salary + bonus

Question 9

How do u cal net salary

Answer 9

Gross salary — deductions

Question 10

What are considered expenses

Answer 10

Salaries /wages

UIF contributions

Medical aid contribution

Question 11

What are considered liability

Answer 11

SARS PAYE

pension fund

Medical aid fund

UIF fund

Creditors for Salaries