For the following calculations the tax threshold is $1,500,000 and the taxable income is taxed at 25%. Statutory deductions total 7.5% of the gross salary or wages. You work as a production manager at a food processing plant and earn a gross monthly salary of $345,000. i). Calculate your net monthly salary. ii). In addition to your salary you receive a $300, 000 Christmas bonus. Your friend Marie, the marketing manager with a salary close to yours, receives the same bonus. Do the work necessary to show that the net bonuses are $202,500. iii). You use all of your net bonus to buy a motorcycle which depreciates at 11% p.a. at the end of each year. Calculate the value of your motorcycle at the end of 3 years. iv). Marie invests her net bonus in a tax free retirement fund which pays 5.5% p.a. interest compounded monthly. Calculate the value of Marie’s investment at the end of 3 years.
For the following calculations the tax threshold is $1,500,000 and the taxable income is
taxed at 25%. Statutory deductions total 7.5% of the gross salary or wages.
You work as a production manager at a food processing plant and earn a gross monthly
salary of $345,000.
i). Calculate your net monthly salary.
ii). In addition to your salary you receive a $300, 000 Christmas bonus. Your friend
Marie, the marketing manager with a salary close to yours, receives the same
bonus. Do the work necessary to show that the net bonuses are $202,500.
iii). You use all of your net bonus to buy a motorcycle which
at the end of each year. Calculate the value of your motorcycle at the end of 3
years.
iv). Marie invests her net bonus in a tax free retirement fund which pays 5.5% p.a.
interest compounded monthly. Calculate the value of Marie’s investment at the
end of 3 years.
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