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Question
The term 'remuneration' means compensation or pay, but it has a broader meaning than pay because it can include not just basic salary or bonuses but commissions and other payments or benefits paid under the terms of an employment contract as well. It is the reward for employment in the form of pay, salary, or wage, including allowances, benefits (such as company car, medical plan, and pension plan), bonuses, cash incentives, and monetary value of the non-cash incentives.
What is the name of the document given to an employee at the end of each week or month, which states how much money he or she has earned and how much tax has been deducted?
[1 mark]
The term 'remuneration' means compensation or pay, but it has a broader meaning than pay because it can include not just basic salary or bonuses but commissions and other payments or benefits paid under the terms of an employment contract as well. It is the reward for employment in the form of pay, salary, or wage, including allowances, benefits (such as company car, medical plan, and pension plan), bonuses, cash incentives, and monetary value of the non-cash incentives.
What is the name of the document given to an employee at the end of each week or month, which states how much money he or she has earned and how much tax has been deducted?
[1 mark]
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Solution
The correct option is B Payslip
A payslip is a document given to an employee at the end of each week or month. This document includes details of money earned by the employee, tax deductions, and insurance paid.
A payslip is a document given to an employee at the end of each week or month. This document includes details of money earned by the employee, tax deductions, and insurance paid.
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