In Jamaica, an employee’s net pay per month is calculated as follows: Deductions: (i) NIS = 2.5% of Basic pay (per month) (ii) NHT = 2% of Basic pay (iii) EdTax = 2% of (Basic pay – NIS) (iv) PAYE = 25% of (Basic pay – NIS – Tax Credit) where Tax Credit = \$10,036 Net Pay = Basic Pay – (sum of all deductions) (i) Try to develop a formula that will calculate an employee’s basic pay if we know the employee’s net pay. (ii) If the employee desires a net pay of \$95,000 per month, what should be his basic pay?
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Question
Updated 55 days ago|2/23/2024 6:14:57 AM
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3
Basic Pay = Net Pay + (0.025 * Basic Pay) + (0.02 * Basic Pay) + (0.02 * (Basic Pay - 0.025 * Basic Pay)) + (0.25 * (Basic Pay - 0.025 * Basic Pay - 10036)
Basic Pay = Net Pay + (0.025 * Basic Pay) + (0.02 * Basic Pay) + (0.02 * Basic Pay - 0.0005 * Basic Pay) + (0.25 * Basic Pay - 0.00625 * Basic Pay - 2509)
Basic Pay = Net Pay + (0.0455 * Basic Pay) + (0.2675 * Basic Pay - 2509)
Basic Pay = Net Pay + (0.313 * Basic Pay - 2509)
0.687 * Basic Pay = Net Pay + 2509
Basic Pay = (Net Pay + 2509) / 0.687
Now, for the given net pay of \$95,000:
Basic Pay = (95000 + 2509) / 0.687 = \$140,477.16
Added 55 days ago|2/23/2024 6:14:57 AM

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