Year 11 Business Studies Questionaire Taxation & On-costs JasonM published on August 29, 2010 Stacked 1/10 Taxation can be defined as The compulsory payment of a proportion of earnings to the federal government The complusory payment of a proportion of earnings to the local government Earnings paid to external stakeholders 2/10 On-costs account for what percentage of the total remuneration package 25-40 60-70 30-40 3/10 Three main on-costs are Dividens, Sick leave, OH&S requirements Superannuation, Study leave, Leave Loading Paternity leave, Compensation, Advertising 4/10 What does Superannuation require from all employers Make bonus payments to employees Contribute financially to a fund for investment Contribute financially to a fund for employees retirement 5/10 What does superannuation require employers to keep All related transactions, including payments contributed, payroll and employee records Documentation of all financial transactions to employees Records of all financial transactions within the business 6/10 An employer is not required to provide superannuation for an employee who is 55 years old Paid $600 a month 16 years old and working 25 hours a week 7/10 What is another term for Sales taxation CDT GST OCT 8/10 What is company tax calculated on Net profit Gross Profit Sales 9/10 What tax must all employees pay as they earn Sales tax Capital gains tax Group tax 10/10 What is the current amount of Leaving Loading 12.2% of Monthly wage 17.5% of four weeks annual leave 21% of an individuals salary