Answer :
Final answer:
Codes of Ethics provide moral standards for behavior, outlining principles and rules. Key differences are highlighted such as salaries vs. wages and deductions vs. contributions.
Explanation:
Code of Ethics: A Code of Ethics is essential as it provides moral standards to guide decision-making and behavior within a profession or organization. It sets out principles and rules that individuals are expected to adhere to, promoting integrity and responsible conduct.
Principles of Ethical Behavior:
- Honesty: Being truthful and transparent in all interactions.
- Integrity: Upholding moral and ethical principles consistently.
- Respect: Treating others with dignity and consideration.
Standard VAT Rate in South Africa: The correct rate is 15%.
Differences Between Salaries and Wages: Salaries are fixed amounts paid to employees on a regular basis, whereas wages are hourly or daily payments for work done.
Deductions vs. Contributions: Deductions are amounts taken out of an employee's pay, while contributions are additional payments made by the employee towards benefits or programs.
PAYE Organization: PAYE is paid to the South African Revenue Service (SARS).
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