Important Formulas To Calculate Components of SalaryĬTC = Gross Salary + PF + Health InsuranceĪllowances = HRA + Medical + Conveyance + Travel Allowance + Special Allowanceĭeductions = Professional Tax + TDS (Tax Deducted At Source) + EPF Employee Contribution ![]() Thus, the calculations include provident fund and employee allowances which are mandatory by law. These salary calculations are prepared according to the Indian salary structure and laws of employment. This involves keeping records of overtime, leaves, medical, health insurance, EPF (employee provident fund), ESI (employee state insurance), etc.Īn Employee Salary sheet is a document that helps you process the salaries of multiple employees in few minutes and generates salary slips of all employees in just one click. Payroll departments manage payroll data of employees on a micro-level. What are the percentage of employee provident fund contribution for employee and employer?.How to calculate overtime for a salaried employee?.What is the difference between Gross Salary and Take-Home Salary?.What are the components of Gross Salary?.Payroll Expenses consists of which expenses?. ![]()
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