Enter the record of the employees of a company as employee number. age and basic salary.
Write a program to calculate monthly gross salary and net salary of each employce as
follows:
Dearness Allowance Nature
House Rent allowance 40% of basic salary
Provident fund
126 of Basic salary
Employee Provident fund 2% of basic salary
Gross salary=Basic +DA+HRA
Net salan-Gross salary-(PF+EPF)
Answers
Explanation:
Given Basic Salary, DA, HRA, TA and Other we have to calculate Net Salary of an employee where tax dedication of PF and IT
What is Gross Salary?
The employees who are paid for their services are offered gross salary as their CTC (cost to company). Cost to the company is the amount that the company will have to incur on an employee for a specific year. But, the point to remember here is that cost to the company is never equal to the amount of money one gets to take home.
In literal terms, Gross Salary is the monthly or yearly salary before any deductions are made from it.
OR
A gross salary is a gratuity and EPF (employee provident fund) subtracted from the cost to the company. The components of Gross salary consists of the following:
Basic Salary
House rent allowance
Special Allowance
Conveyance Allowance
Educational Allowance
Medical allowance
Leave travel allowance, etc.
Components that form a part of Gross salary are listed below:
Other components such as the salary arrears, remuneration or fee, overtime payment, and performance related cash awards.
Benefits like rent for accommodation, electricity, fuel charges, and water.
Allowances such as the travel allowance, medical allowance, leave travel allowance etc.