Step Up Dealers Salaries Journal Vocabulary

This set of vocabulary flashcards covers terms, employee details, deduction rates, and employer contributions based on the Step Up Dealers Salaries Journal task.

Salaries Journal

A record used to document gross salaries, various deductions, and the net salary for each employee for a specific month, such as July 20.9 for Step Up Dealers.

C. Vero's Basic Salary

$$R15\,000$$

I. Spiro's Basic Salary

$$R12\,500$$

N. Neuto's Basic Salary

$$R10\,000$$

Bonus (Step Up Dealers)

An amount equal to $80\%$ of the basic salary paid to employees in the month of their birthday.

Mica Pension Fund (Employee Deduction)

A deduction from the employee's salary calculated as $7\%$ of their basic salary.

StepUp Staff Fund

A fund to which all employees belong, with a fixed deduction of $R50$ each.

UIF (Employee and Employer Contribution)

The Unemployment Insurance Fund contribution, which is calculated as $1\%$ of the basic salary for both the employee and StepUp Dealers.

YY Union Fund

A fixed deduction of $R20$ from each employee's salary.

Employer Pension Contribution

A contribution made by StepUp Dealers to the pension fund equal to $20\%$ of the employee's basic salary.

Employer Medical Contribution

A contribution made by StepUp Dealers to the Oxy Medical Aid Society at a rate of $R2$ for every $R1$ contributed by the employee.

Skills Development Levy (SDL)

An employer contribution made by StepUp Dealers calculated as $1\%$ of the basic salary.

Net Salaries Payment Date

The 25th of the month, paid electronically.

Medical Aid Payment Schedule

Unlike other deductions paid on the 31st, this is paid to the institution on the 1st day of the next month.