What is fixed salary?
Fixed monthly salary = basic monthly salary + fixed monthly allowances.
Basic monthly salary: This is payment that does not vary from month to month, regardless of employee or company performance, and regardless of whether the employee takes medical or personal leave..
What are the 5 types of income?
The 5 Types Of Income The IRS Wants You To Know. Gross income is all the income a person receives across all sources before any deductions. Your gross income includes all wages, dividends, interests, business income, rental income, alimony and that money your uncle gave you at Christmas.
What are examples of income?
12 Examples of IncomeLabour. A salary or wage that is paid in return for work.Business Profits. The net income of a business that creates and captures value.Tangible Assets. … Intangible Assets. … Capital Gains. … Dividends. … Interest. … Speculation.More items…•
What is meant by basic salary?
Basic salary refers to the amount of money that an employee receives prior to any extras being added or payments deducted. It excludes bonuses, overtime pay or any other potential compensation from an employer. The whole amount of basic salary is part of the take-home salary.
What is actual income?
Actual income means income from any source.” Fam. Law § 12-201(b)(1). “ For income from self-employment, rent, royalties, proprietorship of a business, or joint ownership of a partnership or closely held corporation, ‘actual income’ means gross receipts minus ordinary and necessary expenses required to produce income.”
Is a salary or wage better?
Neither is intrinsically better than the other. A wage is paid on an hourly basis. … Workers that earn a salary often put in more than 40 hours per week, but get paid no overtime pay. However, salaries can be higher than what hourly workers earn including overtime.
What do you mean by term salary on the basis of salary grade?
A salary grade is a predetermined compensation level for a given position within an organization. The level is expressed through a salary range and typically the levels are set at each individual business entity.
Is base salary same as basic salary?
Base Salary vs. Basic Salary. Base salary is a subcategory of basic salary and refers to the initial amount of the basic salary range that’s given to the employee at the beginning of the fixed period. … In other words, the base salary is the minimum, basic pay an employee will receive at the start of their employment.
What type of income is not taxable?
More categories of non-taxable income Child support payments; gifts, bequests and inheritances; welfare benefits; damage awards for physical injury or sickness; cash rebates from a dealer or manufacturer for an item you buy; and reimbursements for qualified adoption expenses.