In Ghana and Nigeria all employees are taxed under the PAYE (Pay-as-You Earn) system. The PAYE tax is a monthly phenomenon which is seen as an estimate and as such may result in overpayment or underpayment of an employee‟s income tax liability. You may have to pay for a good answer? Charitable donations to Australian-registered charities may be tax deductible. Business organisations are required by law to send returns on their payroll including the amount of income tax deducted at source to the tax authorities. The objectives of payroll accounting are to process information such as; Hours Worked, Pay Rate, Gross Earning, Deduction and Net Pay (salary). Payroll usually constitutes the most significant or material obligation or expense in most business establishments. Since the day human started to do transactions, which has been playing a major role in every transaction made be it a personal transaction or a business transaction.

Companies like Spotify and Skype started off in this city, and the city hopes to continue to attract young entrepreneurs who are ready to take their tech company to the next level in Stockholm. The main purpose of providing these incentives is to encourage workers to produce their best for the company. What is happening at the Public Company Accounting Oversight Board should alarm everyone. Accounting Cycle – Refers to the entire accounting procedures observed, which commences from the recording of a transaction and the changes it undergoes through the year-end closing procedure and preparation of financial statements. The first and foremost function that accounting looks forward to achieving is the recording of the different transactions that are made within the firm. In the preparation of payroll, the organisation must initially determine the employee‟s Gross Salary or wages using the most appropriate remuneration plan adopted by the firm. It must however be noted that the gross pay under this method does not depend on the number of hours worked or output produced.

This therefore means that the employee will not have to wait till the end of the year for him to personally pay his tax liabilities to the state. The above statement means that this employee will receive ¢10,000,000 for the first year of his engagement. This plan is similar to the Halsey incentive plan mentioned above. 2. In case of extra efficient workers, bonus is less than under Halsey Plan. But the same cannot be done in case of incomplete contracts. • It is not a sound accounting practice to pay all employees in the grade the same rate irrespective of performance. 9.3 Gross pay or earning is the total amount of wages or salaries that employees earn in a particular period before statutory deductions and others are made. A summary of the total value of assets, liabilities and shareholders is presented on the balance sheet. Under this system, total earnings of a worker are equal to wages for the actual time taken by him plus a bonus. If a worker takes less than the standard time, he is paid a bonus equal to 50 % of the time saved at the time rate fixed.

Workers are paid at a rate per hour for the actual time taken to perform a task. This means that slow or lazy and relatively inefficient workers have nothing to fear on the plan. Making an attempt to stay track of who and once to pay is not simple in any means. In Ghana, gross pay is the consolidated income of an individual earned from employment. There are gross sales and net sales. Workers are normally given a fixed sum per unit of output so that the higher one‟s output the larger his gross pay or salary. In this situation the rate of pay is given as a fixed amount per hour for number of hours actually worked or of those who reported for duty. 2. It protects the employers against loose rate setting. 2. It does not provide the employer with full protection against high rate setting. If a worker takes standard time or more than the standard time to complete his work, he is paid wages for the actual time taken by him at the time rate.

A standard time is set for each piece of work, job or operation. A standard time is determined for each piece of work or job. • Shoddy work or inferior goods will be made, if proper supervision is not put in place. 4. The worker is not induced to rush through the work if time saved is more than 50% of the standard time, the bonus increases at a decreasing rate. In this system of remuneration, employees are paid according to number of hours actually worked multiplied by a fixed amount or rate. Employees are usually paid either a wage or a salary. It is also the basis upon which most tax clearance certificates are prepared. Methods of remuneration refer to the basis used in calculating wages of workers. • Cost of supervision under this method is very high • It is not a very good basis for cost control. • It facilitates cost control.