Re: ::: vuaskari.com ::: MTH302 Assignment No. Idea Solution by Asad Munir

Dear Asad,

Please Explain, Why Provident & Gratuity funds are mentioned in your solution, where in assignment Funds had not been asked. 

Total Allowance is 65% which is more then 50, shouldn't we deduct 15% allowance & add back to company as tax.

Your reply will be appreciated.

Thanks

Regards.

On Sat, Apr 7, 2012 at 8:44 AM, Asad Munir <mc090402550@gmail.com> wrote:

Question No. 1
Basic Salary = 16,000
House Rent Allowance = 16,000 x .45 = 7200
Conveyance Allowance = 16,000 x .10 = 1600
Utilities Allowance = 16,000 x .10 = 1600
Total Allowances = 7200+1600+1600= 10,400

Provident Fund = 16,000 x 1/11 = 1455
Gratuity Fund = 16,000 x 1/11 = 1455

Earned Leave = (26,400 x 12)x{(24/(22x12)} = 28,800
Casual Leave = (26,400 x 12)x{(24/(22x12)} = 14,400
Misc. Social Charges = 16,000 x .065 = 1040

Gross Salary = 16,000+10,400+1455+1455+28,800+14,400+1040=73,550

Question No. 2

Discount Factor = (1-1/(1+i)^n)/i
Discount Factor = (1-1/(1+.05)^20)/.05
Discount Factor = 12.4622

Discounted Value = 20,000 x 12.4622 = 249,244

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