BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following describes how to calculate an employee’s net job benefits?
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Add the gross pay and the employee benefits.
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Add the gross pay and the employee benefits and subtract the job expenses.
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Subtract the job expenses from the employee benefits.
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Subtract the employee benefits from gross pay.
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Explanation:
Detailed explanation-1: -An individual’s gross salary is inclusive of benefits such as HRA, conveyance allowance, medical allowance etc. Net Salary = Gross salary-All deductions like income tax, pension, professional tax, etc. Net salary is also referred to as Take Home Salary.
Detailed explanation-2: -You simply add up all of your income sources before any tax deductions or taxes. For example, if last year you earned $100, 000 in salary, $1, 000 in interest income, and $12, 000 in rental income, your gross income for the year would be $100, 000 + $1, 000 + $12, 000 = $113, 000.
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