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Write a python program to calculate net salary if the user input the basic salary(basic) and calculate the DA where DA = 10% of basic salary, HRA =10% of basic salary, total salary(tsalary)=basic +DA+HRA and deduct the 12% PF on. Total salary and net salary=tsalary-PF Net Salary = Gross salary – All deductions like income tax, pension, professional tax, etc. Net salary is also referred to as Take Home Salary.total gross pay = (hourly_wage *40) + (1.5 * hourly_wage * (worked_hours-40)). if worked_hours < 40 then: total gross pay = hourly_wage *worked_hours.
Contents
How is net salary calculated?
Net Salary = Gross salary – All deductions like income tax, pension, professional tax, etc. Net salary is also referred to as Take Home Salary.
How does Python calculate gross salary?
total gross pay = (hourly_wage *40) + (1.5 * hourly_wage * (worked_hours-40)). if worked_hours < 40 then: total gross pay = hourly_wage *worked_hours.
What is the formula to calculate gross pay?
Gross salary includes the basic salary and allowances, before deductions like professional tax, TDS, provident fund, etc. The basic salary is the base income of the fixed component of the whole compensation offered to employees. Gross Salary is, therefore: Basic Salary + HRA + Other Allowances.
How do you calculate in Python?
For straightforward mathematical calculations in Python, you can use the built-in mathematical operators, such as addition ( + ), subtraction ( – ), division ( / ), and multiplication ( * ). But more advanced operations, such as exponential, logarithmic, trigonometric, or power functions, are not built in.
What is net salary pay?
An individual’s gross salary is inclusive of benefits such as HRA, conveyance allowance, medical allowance etc. Net Salary = Gross salary – All deductions like income tax, pension, professional tax, etc. Net salary is also referred to as Take Home Salary.
What is net pay?
Net pay means take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.
How do you calculate DA and HRA from basic salary in Python?
If Basic Salary > 25000, then HRA = 35% of Basic Salary, DA = 95% of Basic Salary. Gross Salary = Basic Salary + HRA + DA.
Where can I write Python codes online?
Write, Run & Share Python code online using OneCompiler’s Python online compiler for free. It’s one of the robust, feature-rich online compilers for python language, supporting both the versions which are Python 3 and Python 2.7. Getting started with the OneCompiler’s Python editor is easy and fast.
What is net salary and gross salary?
Subscribe now. Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
How do I calculate net pay in Excel?
- Net Salary: Hours worked x Hourly Rate + Positive Adjustments – (Negative Adjustments, Pre-tax Adjustments, and Pre-tax Retirement Contributions) – All taxes (Local, State, Federal, and Medicare) – Post-tax deductions.
- Gross Salary: Hours worked x Hourly Rate + Positive Adjustments.
How monthly salary is calculated?
For example, if the total monthly salary of an employee is Rs 30,000, and if the employee joins an organization on September 21, the employee will be paid Rs 10,000 for the 10 days in September. Since September has 30 calendar days, the per-day pay is calculated as Rs 30,000/30 = Rs 1,000.
What is the += in Python?
In, Python += adds another value with the variable’s value and assigns the new value to the variable.
What is pow () in Python?
Python pow() Function
The pow() function returns the value of x to the power of y (xy). If a third parameter is present, it returns x to the power of y, modulus z.
What is the CTC for 25000 salary?
If you make ₹ 25,000 a year living in India, you will be taxed ₹ 3,000. That means that your net pay will be ₹ 22,000 per year, or ₹ 1,833 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%.
How do I calculate net monthly income?
Calculate for net pay
Monthly, you make a gross pay of about $2,083. You determine that your monthly deductions amount to $700. To calculate your net pay, subtract $700 (your deductions) from your gross pay of $2,083. This would give you a monthly net pay of $1,383.
Is salary calculated for 30 days or 31 days?
Please note that the standard working days to be considered is 30 days irrespective of whether the number of days in a month is 28/29/30/31 days. For salary calculation you need to consider as 30 days only.
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Python program to calculate gross pay – GeeksforGeeks
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Formula for Calculating Net Salary (Take Home Salary)
How to Calculate Net Salary
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How to use Net Salary and Gross Salary for filing Taxes
Frequently Asked Questions (FAQs)
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Program to Enter Basic Salary and Calculate Gross Salary of an Employee in Python
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Python Program to calculate the salary of an employee.
”’Calculate the Gross Salary of an employee for following allowance & deduction.
Get Basic Salary of Employee,
DA = 25% of Basic,
HRA = 15% of Basic,
PF = 12% of Basic,
TA = 7.50% of Basic.
Net Pay = Basic + DA + HRA + TA
Gross Pay = Net Pay – PF.
”’
print(“SALARY PROGRAM”)
name= str(input(“Enter name of employee:”))
basic=float(input(“Enter Basic Salary :”))
da=float(basic*0.25)
hra=float(basic*0.15)
pf=float((basic+da)*0.12)
ta=float(basic*0.075)
netpay=float(basic+da+hra+ta)
grosspay=float(netpay-pf)
print(”
“)
print(“S A L A R Y D E T A I L E D B R E A K U P “)
print(“==============================================”)
print(” NAME OF EMPLOYEE : “,name)
print(” BASIC SALARY : “,basic)
print(” DEARNESS ALLOW. : “,da)
print(” HOUSE RENT ALLOW.: “,hra)
print(” TRAVEL ALLOW. : “,ta)
print(“==============================================”)
print(” NET SALARY PAY : “,netpay)
print(” PROVIDENT FUND : “,pf)
print(“==============================================”)
print(” GROSS PAYMENT : “,grosspay)
print(“==============================================”)
Output
>>>
SALARY PROGRAM
Enter name of employee: NARENDRA
Enter Basic Salary : 18500
S A L A R Y D E T A I L E D B R E A K U P
==============================================
NAME OF EMPLOYEE : NARENDRA
BASIC SALARY : 18500.0
DEARNESS ALLOW. : 4625.0
HOUSE RENT ALLOW.: 2775.0
TRAVEL ALLOW. : 1387.5
==============================================
NET SALARY PAY : 27287.5
PROVIDENT FUND : 2775.0
==============================================
GROSS PAYMENT : 24512.5
==============================================
>>>
Python program to calculate gross pay
Gross pay is the amount of money an employee earns in a specific time period before any deductions. There are lots of different ways to calculate gross pay depending on how an employee is paid. This article describes the two most common ways -hourly and salary.
Hourly paid employee
If an employee is paid hourly, he is paid a fixed amount for every hour of work. So, if he gets paid Rs.100 an hour, and he works eight hours his gross pay is Rs.800. An hourly employee’s gross pay must be calculated on a weekly basis because of a Rule called overtime, the federal government’s Fair Labor Standards Act states that for overtime an employee must receive overtime pay for hours worked over 40 in a work week at a rate not less than 1.5 times regular rates of pay.
Example:
Let’s assume A works as an hourly paid employee, and he is paid 100/hour.
If he worked for 50 hours in a week then he will get the overtime pay for the extra hours he worked i.e. he will be paid 1.5 times of Rs.100 for 10 hours (50-40).
if worked_hours > 40 then:
total gross pay = (hourly_wage *40) + (1.5 * hourly_wage * (worked_hours-40)). if worked_hours < 40 then: total gross pay = hourly_wage *worked_hours. ramu’s worked_hours=50 i.e. greater than 40 hours. total gross pay = 100*40 + (1.5)*100*10 => Rs.5,500.
Program:
Python3
def weeklyPaid(hours_worked, wage): if hours_worked > 40 : return 40 * wage + (hours_worked – 40 ) * wage * 1.5 else : return hours_worked * wage hours_worked = 50 wage = 100 pay = weeklyPaid(hours_worked, wage) print (f “Total gross pay: Rs.{pay:.2f} ” )
Output:
Total gross pay: Rs.5500.00
Salaried employee
Salary is usually quoted annually but commonly, employees are paid monthly. To calculate gross pay of a salaried employee, we need to divide the annual salary by number of pay periods in a year (i.e. how many installments they are getting paid in a year).
Example:
Let’s assume B works as a salaried employee, and he is paid 12 lakhs per annum.
If B was paid monthly then the gross payment will be 12 lakhs / 12.
gross pay= 12/12 => 1 lakh.
Program:
Python3
def getGrossPay(annual_salary, no_of_pay_periods): return float (annual_salary / no_of_pay_periods) annual_salary = 12 no_of_pay_periods = 12 pay = getGrossPay(annual_salary, no_of_pay_periods) print (f “Total gross pay: Rs.{pay:.2f} lakhs ” )
Output:
Total gross pay: Rs.1.00 lakhs
Time complexity : O (1)
What is Net Salary or Take-home Salary
Given below is the step-by-step procedure to calculate the Net Salary(In-hand Salary). Initially, you must calculate the Gross Salary. Gross salary is neither your Cost to Company (CTC) or basic salary. Gross salary can be obtained by subtracting the Gratuity and the Employees’ Provident Fund (EPF) from the CTC.
Gross Salary = CTC – EPF – Gratuity
Calculation of Gross Salary
To get your gross salary, you must subtract the EPF and Gratuity from the CTC. For example, the gross salary of X employee getting CTC of Rs. 4 lakh is-
Gross Salary= Rs. 4 lakh – (Rs. 21,600 – Rs. 18,326)= Rs. 3,60,074
The formula for the calculation of Gratuity is mentioned is Gratuity = Basic salary x Dearness Allowance x 15/26 x Number of years of service. The Gratuity that is subtracted on a yearly basis = 15/26 x Basic Salary (per month).
Calculation of Taxable Income
Since net salary is the take-home salary after paying your income tax, you must know your tax slab and calculate the taxes you will have to pay.
Here in the above case, X is getting a gross salary of Rs. 3,60,074. From Rs. 2,50,000 to Rs. 5,00,000, taxes will be charged as 5% of the total income that is more than Rs. 2.5 lakhs plus 4% cess.. Hence, X’s taxable income will be:
Taxable Income: Rs. 3,60,000 – Rs. 2,50,000 = Rs. 1,10,000.
Hence the total taxes payable will be:
5% of Rs. 1,10,000 = Rs. 5,500
4% cess of the income tax payable= Rs. 220
Total Tax Payable= Rs. 5,720
Calculation of Net Salary
The Net Salary of X will be:
Net salary= Gross Salary – Taxes paid
Net Salary of X= Rs. 3,60,000 – Rs. 5,720 = Rs. 3,54,280.
Please note that while calculating the net salary, the Professional Tax must also be deducted. The maximum Professional Tax that can be deducted in a year is Rs. 2,500. Therefore, approximately Rs.200 can be deducted on a monthly basis as Professional Tax.
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