To address Ramesh's financial breakdown, we need to find several specific values based on his provided monthly salary, allowances, and deductions. Let's go through each step in detail:
1. Monthly Salary and Dearness Allowance:
Ramesh's total monthly salary includes a dearness allowance. Given:
- Monthly Salary: Rs 44,000
- Dearness Allowance: Rs 2,000
2. Basic Salary:
The basic salary is calculated by excluding the dearness allowance from the total monthly salary. Therefore,
[tex]\[
\text{Basic Salary} = \text{Total Monthly Salary} - \text{Dearness Allowance}
\][/tex]
[tex]\[
\text{Basic Salary} = 44,000 - 2,000 = Rs 42,000
\][/tex]
3. Life Insurance Premium:
The school pays a life insurance premium on behalf of Ramesh. Given:
- Life Insurance Premium: Rs 12,000
4. Festival Salary:
Ramesh receives an additional one month’s salary once a year for festival expenses. As his monthly salary is Rs 44,000, this is the amount he receives once a year for the festival.
5. Employees' Provident Fund (EPF) Contribution:
Both Ramesh and the government contribute to the Employees' Provident Fund. Ramesh's contribution is calculated as 10% of his basic salary. Therefore, the EPF contribution by Ramesh is:
[tex]\[
\text{EPF Contribution} = 10\% \text{ of Basic Salary}
\][/tex]
[tex]\[
\text{EPF Contribution} = 0.10 \times 42,000 = Rs 4,200
\][/tex]
6. Total EPF Contribution by Ramesh and Government:
Since both Ramesh and the government contribute equally, the total EPF contribution is twice Ramesh's contribution:
[tex]\[
\text{Total EPF Contribution} = 2 \times \text{EPF Contribution}
\][/tex]
[tex]\[
\text{Total EPF Contribution} = 2 \times 4,200 = Rs 8,400
\][/tex]
Let's summarize the above results:
- Monthly Salary: Rs 44,000
- Dearness Allowance: Rs 2,000
- Life Insurance Premium: Rs 12,000
- Festival Salary: Rs 44,000
- Basic Salary: Rs 42,000
- EPF Contribution by Ramesh: Rs 4,200
- Total EPF Contribution by Ramesh and Government: Rs 8,400
This outlines the comprehensive financial details related to Ramesh's monthly salary, allowances, and deductions, ensuring a clear understanding of his earnings and contributions throughout the year.
