BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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deduction
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fringe benefit
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net pay
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employee benefit
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Detailed explanation-1: -Net pay, often known as the employee’s take-home pay, is an important aspect of the salary structure. After statutory and TDS deductions from gross income, the salary remains. EPF, Professional Tax, and ESIC contributions made according to legislative norms and regulations are included in statutory deductions.
Detailed explanation-2: -Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
Detailed explanation-3: -Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments. Post-tax deductions: Garnishments, Roth IRA retirement plans and charitable donations. Voluntary deductions: Life insurance, job-related expenses and retirement plans.