Refer to the information below to answer Questions 1 to 4. 1. Billy's gross pay is K850.00 Billy is taxed 12% on his taxable income, and contributes 7% to Nusfund. His loan deduction is 5%. What is his net pay? (1 mark)

Answers

Answer 1

The Billy's net pay is K646

The given information are; Billy's gross pay is K850.00, he is taxed 12% on his taxable income, and contributes 7% to Nusfund. His loan deduction is 5%.

To find out his net pay, the following steps must be taken:Firstly, calculate Billy's tax amount, Nusfund contribution, and loan deduction by using their respective percentages and the gross pay.

tax amount= 12/100 × 850= K102 Refund contribution= 7/100 × 850= K59.50Loan deduction= 5/100 × 850= K42.50 Secondly, the sum of all the deductions made from the gross pay is calculated to obtain the total deductions.

Total deductions= K102 + K59.50 + K42.50= K204The final step is to subtract the total deductions from the gross pay to find Billy's net pay. Net pay= K850 − K204= K646.

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Answers

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Refer to the information below to answer Questions 1 to 4. 1. Billy's gross pay is K850.00 Billy is taxed 12% on his taxable income, and contributes 7% to Nusfund. His loan deduction is 5%. What is his net pay? (1 mark)​

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Refer to the information below to answer Questions 1 to 4. 1. Billy's gross pay is K850.00 Billy is taxed 12% on his taxable income, and contributes 7% to Nusfund. His loan deduction is 5%. What is his net pay? (1 mark)