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StopLearn Team Staff answered 7 months ago To calculate Mr. Ade’s gross salary, add up all the components mentioned in the pay slip:
- Basic Salary: 15,500
- Transport: 9,900
- House Allowance: 4,900
- Medical Allowance: 8,750
- 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:
- Tax: 500
- Pension: 650
- 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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