04-21-2007, 07:08 PM
Hello,
I was wondering what the actual salary would be if take home is 60,000? I have heard that latest tax laws have only one tax exemption and that's medical allowance (10%). So, if somebody wants 60K as take home salary, how much the employer has to show in his books as salary expense?
For example
63,000 total salary
[ 6300 (10% medical - exempted?) ]
2552 (4.5% tax on salary-medical)
----
60448 take home by employee (after tax)
Is that right?
I was wondering what the actual salary would be if take home is 60,000? I have heard that latest tax laws have only one tax exemption and that's medical allowance (10%). So, if somebody wants 60K as take home salary, how much the employer has to show in his books as salary expense?
For example
63,000 total salary
[ 6300 (10% medical - exempted?) ]
2552 (4.5% tax on salary-medical)
----
60448 take home by employee (after tax)
Is that right?