Mention some benefits of the salary calculator.
You can get a quick result – it's a handy salary Allcalculator.net's calculator where you can calculate Salary within a span of time.
Identifies changes – it helps you to understand the changes in the salary structure when an employee receives a bonus or deduction.
Clear bifurcation – this calculator clearly indicates the different components of an employee's Salary.
Availing an estimation – also helps in estimating and getting clear about monthly and annual deductions.
What are the factors that influence Salary?
The factors that influence Salary include:
Credentials – an advanced degree or certification lead to higher salaries for workers whose credentials are in high demand for the industry.
Experience – gaining work experience can lead to increased knowledge of an industry, high productivity as an individual contributor and stronger leadership capabilities.
Job Responsibilities – there are many roles or identical job titles from company to company, but individual tasks may vary.
Industry – roles may require more specific knowledge than those in other industries.
Location–specific roles can vary the availability of qualified candidates in the area with higher living costs, leading to higher salaries.
What are the components of a salary calculator?
The Salary is a fixed amount of money paid to an employee by an employer in return for work. The components vary with different employers. Some common salary components are:
- Basic Salary
- House Rent Allowance (HRA)
- Leave Travel Allowance (LTA)
- Special Allowance
- Bonus
- Employee Provident fund
- Professional Tax
What are the formulas used for salary calculation?
Take home Salary = gross Salary – Income Tax – Employee's PF Contribution (PF) – Prof. Tax.
Gross Salary = Cost to Company – Employer’s PF Contribution (EPF) – Gratuity
Gratuity = (Basic salary + Dearness allowance) x 15/26 x No. Of Years of Service
Taxable Income = Gross Salary – Employee's PF Contribution (PF)/PPF investment – Tax-free Allowance HRA – LTA – Medical Insurance – Tax saving Investments – Other Deductions
