Subjects finance

Payroll Calculation 3Ef479

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1. The problem involves calculating the payroll deductions and net pay for employees based on their gross pay and given deduction rates. 2. The formulas for each deduction are: - SSS deduction = 4.5% of Gross Pay = $0.045 \times \text{Gross Pay}$ - PhilHealth deduction = 2% of Gross Pay = $0.02 \times \text{Gross Pay}$ - Pag-IBIG deduction = 1% of Gross Pay = $0.01 \times \text{Gross Pay}$ - Tax deduction = 5% of Gross Pay = $0.05 \times \text{Gross Pay}$ 3. Total Deductions = SSS + PhilHealth + Pag-IBIG + Tax 4. Net Pay = Gross Pay - Total Deductions 5. To calculate for each employee, substitute their Gross Pay into the formulas above. Since no specific gross pay values are provided, the formulas above can be used to compute deductions and net pay once the gross pay is known. This method ensures accurate payroll calculations by applying fixed percentage deductions to the gross pay and subtracting the total deductions to find the net pay.