Payslip analysis: IRP5 and Defined benefits

When MUST we use Year to Date Figures for income at the time of accident?

• When we have one payslip and the individual only earned a basic salary

• When we have one payslip and the individual earned a basic salary + overtime

• When we have one payslip and the individual earned a basic salary + uif

• When we have an Affidavit as proof of income

Who regulates security companies in South Africa?

• Public security industry Regulation Authority (PSIRA )

• Private security industry Regulation Authority (PSIRA )

• Private/ Public security industry Regulation Authority (PSIRA )

• Non of the above

Monetary terms are important in our calculations because

• they help account for the change in currency.

• they help account for the time value of money (change in value over time due to inflation).

• they help account for the change in the earnings an individual received.

• they help account for the change in the enviroment.

Injured: John Doe

Date of accident: 1 July 2010

At the time of the accident John was working as an administrator reportedly earning R5 000 per month at BICO. What are the money terms of the Injured’s earnings at date of accident?

• March 2010 beginning of the tax year.

• July 2010 - since it was income he was earning at the time of the accident.

• Assumed March 2010 beginning of the tax year.

• June 2010 - the month before the accident.

Injured: John Doe

Date of accident: 1 July 2010

At the time of the accident John was working as an administrator reportedly earning R5 000 per month.

In January 2017, he secured better employment at Builders warehouse, reportedly earning R8 500 per month. He is still employed at Builders currently earnings R15 000 per month. What are the money terms of the Injured’s earnings in January 2017?

• Date of calculation: 01 December 2024

• Date of IP report: 15 February 2024

• January 2017

• May 2017

Injured: John Doe

Date of accident: 1 July 2010

Date of calculation: 1 December 2024

Date of IP report: 15 February 2024

According to the IP report: In January 2017, reportedly earning R8 500 per month. He is still employed currently earnings R15 000 per month.

What are the money terms of the Injured’s earnings at February 2024?

• July 2024

• February 2024- date of IP report

• Date of calculation: 1 December 2024

• Date earnings started: January 2017

Given the date when earnings changed (increase, decrease or started being constant) when are the Money terms effective from

• Money terms will be the effective date of the next change in earnings.

• Money terms will be the effective date of the change in earnings until the next change comes.

• Money terms will be the effective date assumed.

• Money terms will be the effective date of employment.

When the Date of change in earnings is unknown, we assume the monetary terms to be

• For several payslips with no YTD earnings, the date of employment

• For YTD earnings the end of the period.

• For several payslips with no YTD earnings, the date date of payslip

• For YTD earnings the Mid-point of the period.

On a IRP5 certificate, what could be included in the gross employment income amount?

• Basic salary

  Annual bonus

  Employer pension contribution

• Basic salary

  Annual bonus

  Employer UIF contribution

• Basic salary

  Annual bonus

  Leave pay

• Basic salary

  Annual bonus

  Employee pension contribution

In the calculation model why do you need to change column number in the Retirement sheet ?

• Because it feels right

• because this is to indicate which section in the income sheet was used to capture the pensionable salary

• because this is to indicate which section in the income sheet was used to capture the overtime

• this is to indicate which section in the income sheet was used to capture the entry date