Comprehensive Analysis: Termination Payment, Employee Setup & Payroll

This assignment solution addresses the calculation of a termination payment and the setup of an employee record. The solution includes the calculation of gross pay, detailing components such as wages, unused annual leave, loading, unused personal leave, unused long service leave, and early retirement incentive. It also calculates PAYG withholding, considering wages, unused annual leave, loading, and early retirement incentive, to arrive at the net final pay. Furthermore, the assignment requires the setup of an employee record card, including deductions for tax, health insurance, and superannuation, and populating the employee's details such as name, address, date of birth, tax file number, employment status, and earnings details. Supporting documents such as the employee details, modern award, and balance sheet were included to provide a comprehensive overview of the payroll process and financial reporting.

11) Termination payment (10 Marks)
Gross Pay: Calculations Amount
Wages to 22 November 38x35 1330
Unused Annual Leave 20x35 700
Loading on Unused Annual Leave 20x30x17.5% 105
Unused Personal Leave 86x35 3010
Unused Long Service Leave 86x35x17.5% 526.75
Early Retirement Incentive 10000 10000
Total Gross Pay 15671.75
PAYG Withheld:
Wages to 22 November 297
Unused Annual Leave 700x32% 224
Loading on Unused Annual Leave 105x32% 33.6
Unused Long Service Leave 43
Early Retirement Incentive 1700
Total PAYG Withheld 2297.6
Net Final Pay 13374.15

12) Setup an Employee (6 Marks)
Deduction weekly
Tax Health Insurance Superannuation Other
Tax-free
threshold
claimed
Rebate Name and $ value Name and $ value Name and $ value
0.00 0.00 Nil Star
Superannuation
fund
Nil
Employee Record Card
Employer’s name: Triangle Designs Pty Ltd
Employer’s ABN: 999 999 999 99
Employee name: Martin Long
Address: 323 Hampshire Street
Shortville NSW 2479
Change of Address:
Home Telephone: [phone]
Date of Birth 06/06/1980
Employee No. EMP00002
Date Commenced: 01/03/2008
Date Finished:
Reason:
Tax File No: 444 444 444
Employment Status: Full time
Employment Basis: Individual
Employment Category: Permanent
Earnings (Weekly)
Classification Weekly Wage Min. Hours Hourly Rate Date of
Increase
Reason for
Increase
Level 4 897.40 38 23.61 1 September Increase in
responsibilities

Other
Superannuation (Guarantee) Rate: 9.5%
Superannuation Fund name: STAR Superannuation Fund
Employee Membership Number: 236495698
Allowances: Frist Aid
Workers’ compensation – policy name Allianz Australia