Question

Mr. Becarful was employed as worker at MSc. Ltd on a salary of GHC18,000 X 1,200...

Mr. Becarful was employed as worker at MSc. Ltd on a salary of GHC18,000 X 1,200 – 28,000 on September 1, 2013. He was dismissed on October 31, 2018 for gross misconduct. Before the dismissal, he enjoyed the following:

  1. Soft furnished accommodation
  2. Vehicle with Fuel
  3. Accountable Entertainment Allowance - GHC500 per week
  4. Unaccountable entertainment allowance – GHC100 per week
  5. Risk Allowance – GHC100 per week
  6. Lunch Allowance – GHC40 per week
  7. Bonus – GHC 2,000 per annum

Mr. Becarful has five children with his childhood sweetheart. His 59 year old mother and 62 year old father stay with him. All his children attend the local basic school. He pays 5.5% social security and contributes 7% of his basic salary as provident fund. Assume 48 weeks in a year.

Math   Advanced-Math   
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Homework Answers

Answer #1

Net income in 48 weeks

Accountable entertainment allowance for 48 weeks= GHC 500 X 48 = GHC 24000

Unaccountable entertainment allowance for 48 weeks= GHC 100 X 48 = GHC 4800

Risk allowance for 48 weeks= GHC 100 X 48 = GHC 4800

Lunch Allowance – GHC40 X48 = GHC 1920

Bonus= GHC 2000

Basic Salary= 18000X1200-28000 = GHC 21572000

Deductions

PF= 7% of basic = 0.07 X 21572000 = GHC 1510040

Social security= 5% of basic= 0.05 X 21572000 = GHC 1078600

Net salary for 48 weeks

21572000+24000+4800+1920+2000-1510040-1078600 = GHC 19016080

For his misconduct, he faces a loss of GHC 19016080 per annum

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