Payroll
Payroll is the process of computing an employee’s earnings and deductions before receiving their salary.
It's a step-by-step procedure measuring the amount of money you will receive on your payslip. It's just accounting the total you should get.
A payroll includes the following:
- Gross Income
- Taxes
- Deductions
- Benefits
- Net Income
Gross Income
Gross Income measures how much you earned before any single deduction.
Gross Income = Salary + Overtime + Allowances + Bonuses
Example 1
Monthly Salary is 18,000, which means the gross income is also 18,000.
Example 2
Salary is 18,000, Overtime is 1,200. Gross income is 19,200.
This is a salary for a BPO person. Now, there's a near 10% OT because of the amount of hours you have.. in the night. There's also something called the Night Differential. OT might not be worth it, with how terrible it is to go through the night for long periods of time.
Example 3
Salary is 20,000, Overtime is 2,000, Bonus = 3,000, Allowance = 1,000. Gross income is 26,000.
Net Income
Net Income measures how much you actually received after your deductions.
Net Income = Gross Income - Total Deductions
Example 1
Gross Income = 20,000, Deductions = 2,000. Net Income = 18,000
Example 2
Gross Income = 30000, Taxes = 2000, SSS = 800, PhilHealth = 600, Pag-IBIG = 200 Net Income is just 26,400 after deductions.
Employee Benefits
Employee Benefits the additional compensation provided by employers.
A lot of food jobs have similar incentives like feeding their employees.
More corporate examples:
- SSS
- PhilHealth
- Pag-IBIG
- 13th Month Pay (pretty sure this is mandatory)
- Leave Benefits (Sick, maternity, paternity, vacation leave)
- Health Insurance (Maxicare, usually)
Employees usually receive
- The First Three and the Last of the Previous List
- Needs Allowance (Transportation, Rice)
Note that these things should actually improve the employees’ welfare and financial security.
BENEFITS OF OLFU:
- Free TV and white board provided. Outlets are also free, with a minimum of 4 fans in a room.
Teacher might give you incentive if you are acting upyou can get groomed for free elsewhereI'm kidding.You can get brought to school or home from schoolyou can get that for free from other peopleTeachers are always in a good joking moodLIE! Could be badTeachers receive good things like chocolates orSo do public teachers!sama na loobon their anniversariesTeachers and students can also have inappropriate interactions with their teachers such as watching, interacting, or producing CSAM content and getting into legal trouble alongside them regardless of if you are a student or a teacherThat happens everywhere too.
*This part was a purely educational part don’t take this seriously but also do cuz they’re kind of truths
The lesson ended here abruptly on August 8 thanks to OLFU's suspension at 7 PM. I suppose it was for the better.