Payroll Unit 2 - Weekly Payroll

Weekly Paid Pay Slips

Below is an example of a Payslip

Gross Salary

This is the figure you get from the pay sheet based upon the amount of hours worked or weekly rate and represents the amount of salary before deductions are made.

Net Salary

This is the total figure you get after all deductions are taken from the Gross Salary.

NIS

The National Insurance Scheme (NIS) provides cash benefits for unemployment, sickness and invalidity, maternity, children, widowhood and retirement in return for regular weekly or monthly contributions. The NIS contributions for employees are determined by their earning rate. Both the employer and the employee contribute to the scheme. This amount is deducted from the gross salary.

How to find the NIS rate for each employee:

Step 1 - Go to the NIS Rate Sheet

Click the button below to access the latest rate sheet.

Step 2 - Look at the weekly earning column, which is column 2. Check to see where the gross salary range falls.

Step 3 - Go to column 5 (Employee's weekly contribution). This is the amount to deduct from the employee's salary

Health Surcharge

This provides medical attention and treatment for everybody, whether they are insured or not. This amount is deducted from the gross salary. This is always a standard rate of $8.25.

Others

This row can be used either as a reimbursement or a deduction. Whenever the figure is in brackets (75) or has a minus sign in front it, -75, the amount must be deducted from the gross salary. If there are no brackets or minus sign, the figure must be added to the gross salary. Others might include deductions for uniforms, etc.

ASSIGNMENT

1. Complete the Payroll for the individuals below (materials to complete assignment).

Assignment should be submitted to actira.tt@gmail.com.

SHOULD YOU HAVE ANY DIFFICULTIES, PLEASE DO NOT HESITATE TO CONTACT US via email

MATERIAL TO COMPLETE ASSIGNMENT

Payroll (Weekly)