Remuneration will include:salary, fee, bonus, wage, gratuity, pension, leave encashment, emolument, voluntary award, commission, annuity, stipend, overtime, superannuation allowance, retirement allowance, lump sum benefit payment, director's remuneration, etc. How do you calculate remuneration to partne...
Some examples of taxable income include salary, wages, and superannuation payments. Deductions may include work-related expenses and charitable donations, among others. To accurately calculate your taxable income, you’ll need to gather all of your income statements and receipts and consult with a ta...
The penultimate step is to post journal entries in the general ledger. Once this has been actioned, in many cases you won’t be able to reverse it, so you need to ensure your data is accurate. 5. Reconcile payroll to the general ledger The last step is reconciliation; an additional r...
How to calculate superannuation Super is calculated by multiplying your gross salary and wages by 11.5%; this is known as the superannuation guarantee. Super is based on your Ordinary Time Earnings (OTE). Overtime and expenses are excluded but some bonuses and allowances are included. For exampl...