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Mathematics, 04.03.2022 03:10 paulusl19

Peter Chibwe works at Company XYZ. The following information relates to his performance at work for a single week Normal working hours per week 40 hours Hours worked 48 hours Number of units produced 400 units Normal rate per hour K125.00 Overtime rate 1½ of normal rate Production bonus for every 50 units produced K45.00 Deductions are as follows: i. Pension fund is 7.5% of the normal wage ii. PAYE is 20% of the taxable income on gross wage iii. Unemployment Insurance Fund is 1% of the normal wage and is tax deductible iv. Medical aid is 5% of the normal wage v. K10.00 per week for union membership REQUIRED: (A) Calculate the monthly net wage for Peter Chibwe showing all the detailed calculations (7 marks) (B) Prepare a payslip for Peter Chibwe for the month of February 2022 (7 marks) (C) Discuss fully the remuneration method(s) used by Company XYZ. (6 marks)

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