Mr Ade's pay slip read thus: basic salary-15,500.transport-9900.house allowance-4900.medical allowance- 8750 .other allowance-3870.1 what is the gross salary of Mr ade? 2 if Mr ade pays 500 as tax and 650 for pension and also repay a loan of 3,280. How much is net income

All QuestionsCategory: Secondary SchoolMr Ade's pay slip read thus: basic salary-15,500.transport-9900.house allowance-4900.medical allowance- 8750 .other allowance-3870.1 what is the gross salary of Mr ade? 2 if Mr ade pays 500 as tax and 650 for pension and also repay a loan of 3,280. How much is net income
Sonia asked 1 year ago

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1 Answers
StopLearn Team Staff answered 1 year ago

To calculate Mr. Ade’s gross salary, add up all the components mentioned in the pay slip:

  1. Basic Salary: 15,500
  2. Transport: 9,900
  3. House Allowance: 4,900
  4. Medical Allowance: 8,750
  5. Other Allowance: 3,870

Now, calculate the gross salary:
Gross Salary = Basic Salary + Transport + House Allowance + Medical Allowance + Other Allowance
Gross Salary = 15,500 + 9,900 + 4,900 + 8,750 + 3,870 Gross Salary = 42,920
So, Mr. Ade’s gross salary is 42,920.
To calculate Mr. Ade’s net income, you need to subtract the deductions (tax, pension, and loan repayment) from the gross salary:

  1. Tax: 500
  2. Pension: 650
  3. Loan Repayment: 3,280

Now, calculate the net income:
Net Income = Gross Salary – (Tax + Pension + Loan Repayment)
Net Income = 42,920 – (500 + 650 + 3,280) Net Income = 42,920 – 4,430 Net Income = 38,490
So, Mr. Ade’s net income is 38,490.

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