MTH302 Short Notes Lectures 1-22 Set 3

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MTH302 Short Notes 122Lectures Longquestion 1

Business Math and Stats (Virtual University of Pakistan)

Studocu is not sponsored or endorsed by any college or university

MTH302 Short Notes 122Lectures Longquestion 1

Business Math and Stats (Virtual University of Pakistan)

MTH302 (BUSINESS MATH AND STATISTICS) Short Notes Lectures (1-22) LONG QUESTION

Great Students Network · Come & Join Us · TYPES OF EMPLOYEES

1. regular 2. part time 3. incentive base

GROSS EARNINGS/SALARY Gross earning includes the following? 1. 2. allowances i. house rent ii. conveyance allowance iii. utilities allowances

TAXATION RULES ON ALLOWNCES If allowances are 50% of basic salary, the amount is treated as tax free. Any allowance that exceed this allowance are considered taxable, both for the employee as well as the company.

A company can establish a provident fund for the benefit of the employees. By law, 1/11th of basic salary per month is deducted by the company from the gross earning of the employees. An equal amount i.e. 1/11th of basic salary per month is contributed by the company to the provident fund to the account of the employee. Total becomes 2/11th of the basic salary. Example: Basic = 10000 Allow = 5000 Provident fund= ?

Employee contribution to provident fund = 1/11 x 10000 = 909.1 Company contribution to provident fund = 1/11 x 10000=909.1 Total provident fund = 909.1+909.1 = 1818.2

A company can establish a gratuity trust fund for the benefit of the employees. There is a saving of 1/11th of basic salary on behalf of the employee in gratuity fund. LEAVES CL 18 days per year EL SL Total cost of leaves as percent of gross salary = 18.2%

SOCIAL CHARGES Medical / group insurance = 5% of gross salary Education, club member ship = 5.2% of gross salary Leaves = 18.2% of gross salary Total social charges = 29% of gross salary

GROS REMUNERATION It is pay or salary typically monetary payment for services rendered, as in an employment like i. ii. house rent allowances iii. conveyance iv. utilities v. vi. vii. leaves viii. group insurance ix. mislaneous charges

PERCENTAGE Percentage is formed by Xing a number called the base by a percent called the rate. base x rate

AVERAGE sum / n

It is one type of earthmatic mean of a asset of data in which some elements of the sets carry more importance (weight) than others.

Example:

Unit hours A B C

First convert weight in fractions 6+3+1= 10