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Calculate Nazeer's monthly UIF contribution if his annual salary is R130,000 and the UIF contribution rate is 1%.

Accounting

ScanSolve AI Answer

Answer

R108,33\text{R}108,33

Step-by-step solution

2 steps
  1. Calculate Nazeer's monthly gross salary.

    Nazeer's annual salary is R130 000,00. To find his monthly salary, divide the annual salary by 12 months.

    Monthly Salary=Annual Salary12\text{Monthly Salary} = \frac{\text{Annual Salary}}{12} Monthly Salary=R130 000,0012\text{Monthly Salary} = \frac{\text{R}130\,000,00}{12} Monthly Salary=R10 833,33\text{Monthly Salary} = \text{R}10\,833,33
  2. Calculate Nazeer's monthly UIF contribution.

    The UIF contribution is typically 1% of the gross remuneration.

    UIF Contribution=1%×Monthly Salary\text{UIF Contribution} = 1\% \times \text{Monthly Salary} UIF Contribution=1100×R10 833,33\text{UIF Contribution} = \frac{1}{100} \times \text{R}10\,833,33 UIF Contribution=R108,33\text{UIF Contribution} = \text{R}108,33

    Nazeer's monthly UIF contribution is R108,33\text{R}108,33.

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