Answer to Question #310376 in Microeconomics for lydia

Question

Panel beater

S.Slinger is employed as a panel beater at NBW. Due to the nature of his work, he is remunerated on a time based system. The normal working week at NBW is 45 hours. On the first week of May 2021, S.Slinger worked for 50 hours. The company pay an hourly rate of N$30 per hour. Overtime when worked is remunerated at a time and half.

Deduction for the week:

Social security - 0.9 % of normal wages

Pension fund - 8% of normal wages

Income tax - N$315

REQUIRED:

Prepare a pay slip for S. Slinger

Answer 1

a) Payslip of S.Slinger Total Number of works worked 50 hours

Overtime Hours( 50-45) 5 hours Remuneration per hour N$ 30 Normal

wages ( N$ 30 X 50) N$ 1,500 Add: Over time ( 5 X N$30X50%) N$ 75

N$ 1,575 Less: Deductions Social Security ( 1500 X 0.9%