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1 Define UIF and state who contributes. 1.2 Calculate the total price of a R3200 phone after a 15% VAT. 1.3 Calculate UIF contribution on R12500 salary at 1%. 1.4 Exchange rate from £1.
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Part 1.1· 2 steps
Define UIF.
UIF stands for Unemployment Insurance Fund. It is a social security fund that provides short-term financial relief to workers who become unemployed or are unable to work due to illness, maternity, or adoption leave.
State who is responsible for contributing.
Both employers and employees are responsible for contributing to the Unemployment Insurance Fund.
Part 1.2
Identify the VAT rate.
The VAT rate is not provided in the table. Assuming a standard VAT rate of 15% (common in South Africa).
Calculate the VAT amount.
Calculate the total price.
The total price of the phone after VAT is added is .
Part 1.3
Identify the UIF contribution rate.
The UIF contribution rate is not provided in the table. Assuming a standard UIF contribution rate of 1% of gross salary (common in South Africa).
Calculate the UIF contribution.
Mr. Sello must pay toward the unemployment insurance funds.
Part 1.4
Identify the exchange rate from Table 1.
From Table 1, the exchange rate is .
Calculate the cost in South African Rands.
The cost of the tools in South African Rands is .
Part 1.5
Identify the exchange rate from Table 1.
From Table 1, the exchange rate is .
Calculate the amount in Rands.
A traveler would receive for 500 LSL.
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