Redundancy – NBC Institute

PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation

Explains the tax treatment of various types of employee compensation under the Income Tax Act, 2015 (Act 896).

Question

Describe the tax treatment of the following transactions in the context of the Income Tax Act, 2015 (Act 896).

i) Payment of GH¢2,500 salary for a casual worker in the month of Feb 2024.
ii) Payment of Bonus of GH¢32,000 to an employee with an Annual Basic salary of GH¢180,000.
iii) Payment of GH¢3,200 to a temporary worker in the month of July 2024.
iv) Payment of income to a non-resident employee in Ghana.
v) Redundancy payment to an employee.

Answer

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Tags: Bonus Taxation, Employee Compensation, Income Tax, Non-resident taxation, Redundancy
Level: Level 2

Topic: Income Tax Liabilities
Series: Nov 2024

BL – May 2023 – L1 – SB – Q5A – Agency Law

Identify and explain conditions an employer must meet before implementing redundancy.

Question

Redundancy of employees in an organization may arise as a result of excess manpower.

Required:
Explain briefly THREE conditions an employer must meet before the redundancy of its employees.

Answer

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Tags: Employment Law, Legal obligations, Redundancy
Level: Level 1

Topic: Agency Law
Series: MAY 2023

BL – Nov 2019 – L1 – SA – Q18 – Employment Law

Identifies the correct term for cessation of employment due to excess manpower.

Question

Cessation of employment on the ground of excess manpower is known as:
A. Suspension
B. Interdiction
C. Redundancy
D. Probation
E. Dismissal

Answer

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Tags: Cessation of Employment, Employment Law, Redundancy
Level: Level 1

Topic: Company Law
Series: NOV 2019

BL – May 2015 – L1 – SB – Q6e – Employment Law

Identify situations when an employee is entitled to redundancy benefits.

Question

State any THREE instances in which an employee may be entitled to redundancy benefits. (3 Marks)

Answer

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Tags: Business Law, Employee Benefits, Employment Contracts, Employment Law, Labor Law, Redundancy
Level: Level 1

Topic: Employment law
Series: MAY 2015

CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations

Discuss the financial reporting issues for Builsa Ltd regarding the planned closure of a division and the redundancy of employees under IFRS 5.

Question

Builsa Ltd (Builsa) is a listed company that assembles personal computers (PCs), and it is preparing its financial statements for the year ended 31 May 2018. Builsa plans to close down one of its divisions. This division, which is classified as a separate business segment, will cease all of its activities on 31 July 2018. Most of the assets of the business will be redeployed elsewhere in Builsa’s business; however, some smaller items of plant will be sold off or scrapped. Approximately half of the staff of the division will be made redundant, and they were notified of the decision in late May 2018. Customers and suppliers were notified at the same time. The annual 2018 financial statements are scheduled to be released to the markets on 9 August 2018.

Required:
Advise the directors as to the financial reporting issues arising from the above matters and explain the appropriate treatment in Builsa’s financial statements in each case.

Answer

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Tags: Discontinued Operations, Financial Reporting, Non-adjusting Events, Provisions, Redundancy
Level: Level 3

Topic: IFRS 5: Non-current assets held for sale and discontinued operations
Series: NOV 2018

BCL – Nov 2017 – L1 – Q5a – Employment Law

Outline the steps an employer should take when introducing major changes leading to redundancy.

Question

a) What steps should an employer take when introducing major changes that will entail the termination of employment of workers in an undertaking? (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Employer Obligations, Employment Law, Redundancy, Termination of Employment
Level: Level 1

Topic: Employment law
Series: NOV 2017

PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation

Explains the tax treatment of various types of employee compensation under the Income Tax Act, 2015 (Act 896).

Question

Describe the tax treatment of the following transactions in the context of the Income Tax Act, 2015 (Act 896).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bonus Taxation, Employee Compensation, Income Tax, Non-resident taxation, Redundancy
Level: Level 2

Topic: Income Tax Liabilities
Series: Nov 2024

BL – May 2023 – L1 – SB – Q5A – Agency Law

Identify and explain conditions an employer must meet before implementing redundancy.

Question

Redundancy of employees in an organization may arise as a result of excess manpower.

Required:
Explain briefly THREE conditions an employer must meet before the redundancy of its employees.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Employment Law, Legal obligations, Redundancy
Level: Level 1

Topic: Agency Law
Series: MAY 2023

BL – Nov 2019 – L1 – SA – Q18 – Employment Law

Identifies the correct term for cessation of employment due to excess manpower.

Question

Cessation of employment on the ground of excess manpower is known as:
A. Suspension
B. Interdiction
C. Redundancy
D. Probation
E. Dismissal

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cessation of Employment, Employment Law, Redundancy
Level: Level 1

Topic: Company Law
Series: NOV 2019

BL – May 2015 – L1 – SB – Q6e – Employment Law

Identify situations when an employee is entitled to redundancy benefits.

Question

State any THREE instances in which an employee may be entitled to redundancy benefits. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Employee Benefits, Employment Contracts, Employment Law, Labor Law, Redundancy
Level: Level 1

Topic: Employment law
Series: MAY 2015

CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations

Discuss the financial reporting issues for Builsa Ltd regarding the planned closure of a division and the redundancy of employees under IFRS 5.

Question

Required:
Advise the directors as to the financial reporting issues arising from the above matters and explain the appropriate treatment in Builsa’s financial statements in each case.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Discontinued Operations, Financial Reporting, Non-adjusting Events, Provisions, Redundancy
Level: Level 3

Topic: IFRS 5: Non-current assets held for sale and discontinued operations
Series: NOV 2018

BCL – Nov 2017 – L1 – Q5a – Employment Law

Outline the steps an employer should take when introducing major changes leading to redundancy.

Question

a) What steps should an employer take when introducing major changes that will entail the termination of employment of workers in an undertaking? (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Employer Obligations, Employment Law, Redundancy, Termination of Employment
Level: Level 1

Topic: Employment law
Series: NOV 2017

Question Tag: Redundancy

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PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation

Explains the tax treatment of various types of employee compensation under the Income Tax Act, 2015 (Act 896).

BL – May 2023 – L1 – SB – Q5A – Agency Law

Identify and explain conditions an employer must meet before implementing redundancy.

BL – Nov 2019 – L1 – SA – Q18 – Employment Law

Identifies the correct term for cessation of employment due to excess manpower.

BL – May 2015 – L1 – SB – Q6e – Employment Law

Identify situations when an employee is entitled to redundancy benefits.

CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations

Discuss the financial reporting issues for Builsa Ltd regarding the planned closure of a division and the redundancy of employees under IFRS 5.

BCL – Nov 2017 – L1 – Q5a – Employment Law

Outline the steps an employer should take when introducing major changes leading to redundancy.

PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation

Explains the tax treatment of various types of employee compensation under the Income Tax Act, 2015 (Act 896).

BL – May 2023 – L1 – SB – Q5A – Agency Law

Identify and explain conditions an employer must meet before implementing redundancy.

BL – Nov 2019 – L1 – SA – Q18 – Employment Law

Identifies the correct term for cessation of employment due to excess manpower.

BL – May 2015 – L1 – SB – Q6e – Employment Law

Identify situations when an employee is entitled to redundancy benefits.

CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations

Discuss the financial reporting issues for Builsa Ltd regarding the planned closure of a division and the redundancy of employees under IFRS 5.

BCL – Nov 2017 – L1 – Q5a – Employment Law

Outline the steps an employer should take when introducing major changes leading to redundancy.

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PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation

Explains the tax treatment of various types of employee compensation under the Income Tax Act, 2015 (Act 896).

You're reporting an error for "PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation"

BL – May 2023 – L1 – SB – Q5A – Agency Law

Identify and explain conditions an employer must meet before implementing redundancy.

You're reporting an error for "BL – May 2023 – L1 – SB – Q5A – Agency Law"

BL – Nov 2019 – L1 – SA – Q18 – Employment Law

Identifies the correct term for cessation of employment due to excess manpower.

You're reporting an error for "BL – Nov 2019 – L1 – SA – Q18 – Employment Law"

BL – May 2015 – L1 – SB – Q6e – Employment Law

Identify situations when an employee is entitled to redundancy benefits.

You're reporting an error for "BL – May 2015 – L1 – SB – Q6e – Employment Law"

CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations

Discuss the financial reporting issues for Builsa Ltd regarding the planned closure of a division and the redundancy of employees under IFRS 5.

You're reporting an error for "CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations"

BCL – Nov 2017 – L1 – Q5a – Employment Law

Outline the steps an employer should take when introducing major changes leading to redundancy.

You're reporting an error for "BCL – Nov 2017 – L1 – Q5a – Employment Law"

PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation

Explains the tax treatment of various types of employee compensation under the Income Tax Act, 2015 (Act 896).

You're reporting an error for "PT – Nov 2024 – L2 – Q3a – Tax Treatment of Employee Compensation"

BL – May 2023 – L1 – SB – Q5A – Agency Law

Identify and explain conditions an employer must meet before implementing redundancy.

You're reporting an error for "BL – May 2023 – L1 – SB – Q5A – Agency Law"

BL – Nov 2019 – L1 – SA – Q18 – Employment Law

Identifies the correct term for cessation of employment due to excess manpower.

You're reporting an error for "BL – Nov 2019 – L1 – SA – Q18 – Employment Law"

BL – May 2015 – L1 – SB – Q6e – Employment Law

Identify situations when an employee is entitled to redundancy benefits.

You're reporting an error for "BL – May 2015 – L1 – SB – Q6e – Employment Law"

CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations

Discuss the financial reporting issues for Builsa Ltd regarding the planned closure of a division and the redundancy of employees under IFRS 5.

You're reporting an error for "CR – Nov 2018 – L3 – Q2a – Non-current assets held for sale and discontinued operations"

BCL – Nov 2017 – L1 – Q5a – Employment Law

Outline the steps an employer should take when introducing major changes leading to redundancy.

You're reporting an error for "BCL – Nov 2017 – L1 – Q5a – Employment Law"

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