Net Salary is defined as “the wage rate plus the remuneration for all of the employee’s job-related instances minus income taxes, Social Security and Medicare taxes as well as union dues.” If you are an employer, you will offer a lot of perks and non-monetary benefits to your employees. The monetary benefits include basic Salary, overtime pay, and bonuses. The non-monetary benefits include health care insurance, sick leave, pension plan, and more days off. The below equation can calculate Net Salary = Gross Salary – Deductions.
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