I am really passionate about accounting.
These notes will really help you to understand the theory behind the work that you are doing. It will enable you to see the bigger picture, and surely improve your grades.
Usually aid by cheque or transferred Usually paid in cash.
directly into a bank account.
A fixed predetermined monthly amount is The amount is predetermined using time-
paid. work or piece-work rates.
Salary earners may receive benefits such as Receive additional remuneration for
a bonus or housing subsidy. working overtime.
Normal time:
- Normal working hours which are
usually stipulated in the contract
of employment.
- Basic Conditions of Employment
Act = 45 hours per week
Overtime:
- Time an employee works beyond
their normal working hours.
- Is voluntary & must be agreed
upon by employer & employee.
- One & a half time their normal
wage rate except for Sundays &
public holidays.
, Time-work & piece-work rates
Time-work rates: employees are paid an hourly rate for the number of hours worked;
this includes normal time & overtime.
Piece-work rates: employees are paid for each completed item, such as a basket of
fruit picked of a garment completed.
Salary scales:
- Predetermined future earnings of their employees.
- Normally based on employees’ qualification and/or years of experience.
- Usually start with a minimum salary that increases on an annual basis until the
maximum salary is reached.
- Salary levels = notches
- Starting salary = starting notch
Notch: R180 000 x R12 000 – R216 000 x R15 000 – R261 000
Deductions:
Deductions are payments that are made on behalf of the employee.
These deductions usually include:
Medical Aid Union
Pension fund UIF
Fund Membership Fees
Compulsory deductions:
PAYE
1. PAYE (Pay As You Earn)
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