60032 – Section 1 – Assessment Task Overview and DescriptionBased

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1 – Assessment Task and DescriptionBased on your readings and additional research that you are required to complete Part 1 and Part 2 the assignment as instructed at the document.Stationery is provided in a separate document.Assessment DescriptionThis assessment will demonstrate your understanding of the: -• payroll process, including the calculation and recording of weekly pays using manual system• the associated theoretical concepts that underpin the payroll process. You should be able to demonstrate the following outcomes: -• Use employee source data to calculate and record and reconcile payroll according to legislative requirements• Prepare the payroll, including the payroll register and associated journal• Recording payroll data• Handle a payroll enquiry• Maintain payroll informationCompany Policies and Procedures document is provided in the separate document. 2 – Assessment Task Submission InformationSubmission Details Due date: 20/09/20201. The assessment task must be submitted via Canvas or directly to the teacher with an assessment cover sheet.2. Ensure to include on the front page or in the header or footer of your assessment:? your name ? ID? your teacher’s name? the unit code/s and /s? the assessment task 3. Submissions received after the submission date must be approved by your teacher.Summary of Evidence to be Submitted? Completed payroll registers for 4 weeks? Completed General Journal? Completed Cash Payments Journal? Answered theory questions for each question in Part 2The task will be assessed as satisfactory when all of the required evidence listed has been satisfactorily demonstrated.Summary of Evidence to be Submitted* If applicable, for graded units, the task must be satisfactorily completed before marks will be allocated. Refer to your unit outline for more information. 3 – Assessment Task Criteria and OutcomeAll items/criteria must be demonstrated satisfactorily to achieve this task. The items/criteria for this activity will be assessed as S – Satisfactory or US – Unsatisfactory.Items/criteria1 Use employee source data to calculate and record and reconcile payroll according to legislative requirements2 Enter employee pay period details in payroll system in line with source data3 Prepare the Payroll Register for week 14 Prepare the Payroll Register for week 25 Prepare the Payroll Register for week 36 Prepare the Payroll Register for week 47 Calculate Superannuation Guarantee8 Prepare the General Journal entries to record the payroll for each of the 4 weeks9 Prepare the Cash payments journal entry to record the payment of the payroll liabilities at the end of June10 payroll data and clarify discrepancies with designated persons (teacher)11 Conduct payroll preparation within designated timeframes and according to organisational policy and procedures12 Update records and systems in line with salary reviews13 Respond to payroll enquiries, provide information and complete follow-up action according to organisational and legislative requirements14 Maintain information and record keeping relating to payroll function according to current legislative and regulatorySection 4 – General Assessment InformationRefer to the Course Information in Canvas. 5 – InstructionsComprehensive Assessment – Smart Jewellery Co ScenarioSmart Jewellery Co is a small company that sells handmade jewellery. The company employs 4 people – Office Manager, Bookkeeper (part -time), Sales Manager and Sales Assistant.Ruby Shimmer, the Office Manager, is required to authorize/approve payroll documentation.Additional InformationPayroll Calendar: Weekly• Overtime:o According to company policies all overtime is done on Mondays o All overtime is to be paid at 1½ times the ordinary rate of pay applicable for the first 3 hours and double time after that – per overtime shift.• All employees are entitled to annual leave loading.• Opal is getting married in July and is taking Annual Leave. In addition to her normal week earnings on June 24th, she is also to be paid 4 weeks annual leave in advance.• Payroll liabilities are paid on the last day of each month• Employees are paid by Direct Debit each week to their nominated bank accountSmart Jewellery Co Payroll InformationPART 1 – Payroll CalculationEmployee detailsName Ruby Shimmer Stefan Peterson Coral Digby Opal RidgemontPosition Office Manager Bookkeeper Sales Manager Sales AssistantDate of Birth 1/4/1980 14/6/1985 15/9/1985 20/5/1998Address 25 Topaz StQuartz Ville VIC3231 78 Union RdKlondyke VIC3212 9 Sapphire RdBrandbank VIC3266 54 Greer StEmerald CityVIC 3221Start date 8/2/2014 1/3/2015 1/1/2011 1/6/2018Current Wage Rate $52,364.00 p.a. $30.00 per hour $35.00 per hour $22.00 per hourTaxesTax File Number Yes Yes Yes YesEmployment Basis Full- time Part- Time Full- time Full- timeTax Free Threshold Yes No Yes YesHELP debt No Yes Yes NoTax Offsets Yes $3,554 No No NoAuthorised to approve ? ? ? ?Weekly DeductionsUnion Fees 20 10 $20.00 $20.00Medical $115.00 $85.00Superannuation $100Week 1Extracts from Employee Approved Timesheets for the week ending 9.6.2021Employees: Ruby Stefan Coral OpalWeekStarted Ord Hrs O/t Ord Hrs O/t Ord Hrs O/t Ord Hrs O/tJune 3rd 38 n/a 19 3 38 5 38 6Week 2Extracts from Employee Approved Timesheets for the week ending 16.6.2021Employees: Ruby Stefan Coral OpalWeek Started Ord Hrs O/t Ord Hrs O/t Personal Leave Ord Hrs O/t Ord Hrs O/tJune 10th 38 n/a 11.4 4 7.6 38 3 38 5Week 3Extracts from Employee Approved Timesheets for the week ending 23.6.2021Employees: Ruby Stefan Coral OpalWeek Started Ord Hrs O/t Ord Hrs O/t Ord Hrs O/t Ord Hrs O/tJune 17th 38 n/a 19 5 38 4 38 6Week 4Annual Performance Review processAfter Annual Performance Review process all employees will receive Salary/Wages increase of 5% from 24.06.2021Update Employees information with new salaries/wages ratesRuby Stefan Coral OpalCurrent Wage Rate $52,364.00 p.a. $30.00 per hour $35.00 per hour $22.00 per hourAdd New Wage RateExtracts from Employee Approved Timesheets for the week ending 30.6.2021Employees: Ruby Stefan Coral OpalWeek Started Ord Hrs O/t Ord Hrs O/t Ord Hrs O/t Ord Hrs O/t Annual leaveJune 24th 38 19 2 38 4 38 5 4 weeksInstructionsYou are expected to tax all employees’ using the Weekly Tax Table (for payments made on or after 1 July 2018) and Study-and--support-loans-weekly-tax-table-2020-21 weekly tax tables.You will need to download the tax tables from assessment task and ensure you calculate all Tax, HELP and Offset amounts in accordance with the current rates.Download FNSTPB402 Stationary for Comprehensive Assessment file and complete the followings:You are required to:1. Prepare the Payroll Register for each of the 4 weeksa. Review employee’s data and conduct payroll preparation within designated timeframesb. Use employee source data to calculate, record and reconcile payroll according to legislative requirementsc. Reconcile total payments for each pay period, and review and correct irregularities or refer them to your teacher for resolutiond. Obtain authorisation of payroll2. Calculate the amount payable to each employee’s superannuation fund arising from the Superannuation Guarantee3. Prepare the General Journal and Cash Payments journal entries to record the payroll for each of the 4 weeks4. Prepare the Cash payments journal entry to record the payment of the payroll liabilities at the end of JunePart 2 – QuestionsAnswer the following questions. You have to download Part 2 Questions file.Question 1Coral Digby has started at Smart Jewellery Co on 1 January 2013.She would like to find out how much Long Service Leave is accrued on 1 July 2021.Note: Use Victorian Rules to calculate Long Service Leave. Find information from LSL-Act-2018Fact-Sheet-02-taking-LSL file.Your workings:Check your answer with Victorian long service leave calculator:https://www.business.vic.gov.au/hiring-and-managing-staff/long-service-leavevictoria/calculatelongserviceleaveQuestion 2Ruby Shimmer decided that she will terminate employment due to the health problems. Ruby started her employment on 8 2014.On 30 July 2021 she will have 76 hours of unused annual leave and 6.5 weeks of unused long service leaveRuby’s Pay details-Weekly salary – $1,057.35-She claimed Tax Free threshold (please note; we will not include with tax offsets to simplify the calculations)-Entitled to leave loadingCalculate Ruby’s payGross PaySalary on 28/7/2021Unused Annual leave plus Loading on Unused Annual leaveUnused service leaveTotal Gross PayPAYG WithheldTax Salary on 30/7/2021Unused Annual leave plus Loadingon Unused Annual leave (marginal rate)Unused service leave (marginal rate)Total PAYG WithheldNet PayQuestion 3An employee has approached you (as the payroll officer) and queried about his current leave entitlements. What is the process should you adopt to handle this enquiry?Your answer:1.Question 4Coral Digby has queried her pay on 9.06.2021 stating that she paid too much tax. You have to respond to Coral in writing.Dear Coral,

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