Fringe Benefits – What Is Meaning and Benefits for Company
Fringe Benefits – What Is Meaning and Benefits for a Company Fringe benefits refer to additional perks or compensation provided to employees beyond their regular salary. These benefits can be universally available to all employees or selectively offered to specific groups. For example, the amount of paid time off often increases with the length of […]
Basic Salary – Meaning, Calculation, Deductions, and More
Basic Salary – Meaning, Calculation, Deductions, and More Basic salary is the foundational component of an employee’s compensation, excluding bonuses, allowances, and other benefits. It serves as the baseline for calculating various pay components and deductions, impacting net pay and benefits. Understanding basic salary is crucial for grasping how overall remuneration is structured. In this […]
What Is Compensation and Why It Matters for Employers
What Is Compensation and Why It Matters for Employers Compensation is a fundamental aspect of any employment relationship, encompassing more than just salary or wages. For employers in India, understanding and effectively managing compensation is crucial for attracting, retaining, and motivating employees. This blog will delve into the definition of compensation, its types, and its […]
Taxable Income – What Is Meaning and How to Calculate
Taxable income – What Is Meaning and How to Calculate Taxable income is the foundation of income tax in India. It refers to the portion of your income that the government considers when calculating how much tax you owe. Think of it as the net amount you earn after subtracting any allowable deductions permitted by […]
Payroll Forms – Meaning, Importance, and Types
Payroll Forms – Meaning, Importance, and Types Let’s face it, payroll can be a complex beast. Between taxes, deductions, and keeping track of hours worked, it’s easy to understand how mistakes can happen. But did you know that even a small error on a paycheck can have a big impact on your business? According to […]
Pay Stub – Meaning, Importance, and How to Create
Pay Stub – Meaning, Importance, and How to Create A “Pay Stub” is a document that shows details about an employee’s earnings and deductions. It is used to inform employees about the various deductions made from their gross pay to calculate their net pay. In this article, we will explore what a pay stub is, […]
Labor Burden – What Is Meaning and How to Calculate
Labor Burden – What Is Meaning and How to Calculate Starting your own contracting business is an exhilarating experience, filled with excitement, optimism, and a healthy dose of uncertainty about the future. While there’s a lot to learn through trial and error, certain concepts must be dialed in from the beginning to ensure the success […]
Withholding Tax – What Is Meaning, Benefits and Rates
Withholding Tax – What Is Meaning, Benefits and Rates In India, that might be withholding tax at play. Withholding tax, also known as retention tax, is a system where a portion of your income is deducted by the payer (the one who pays you) before you receive it. This acts like an advance payment on […]
What Is Net Pay – Meaning and How to Calculate Net Pay
What Is Net Pay – Meaning and How to Calculate Net Pay Net pay, also known as take-home salary, refers to the amount of money you, the employee, actually receive after all deductions are subtracted from your gross salary. It’s the final figure that hits your bank account and represents the money you have available […]
Accrued Payroll – What Is Definition, Components and Calculation
Have you ever wondered what happens to the money your employees earn between paychecks? That’s where accrued payroll comes in. It’s like a behind-the-scenes counter keeping track of all the salaries, wages, and bonuses your employees have accumulated during a pay period, even though they haven’t received the cash yet. Understanding accrued payroll is crucial […]
