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The wages here means wages last drawn by the employee. The "15 days' wages" will be calculated by dividing the last drawn wages by 26 and multiplying the result with 15. But under Section 4(3), the maximum gratuity that is payable is fixed at ₹20,00,000. Any gratuity amount paid in excess of ₹20,00,000 is taxable in the employee's hands. [4]
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
These teams pay a penalty for each dollar their team salary exceeds the tax level. From 2002 to 2013, if a team exceeded the luxury tax threshold, they must pay one dollar to the league for every dollar that they are over the limit. For the 2013–14 season and onward, teams paid an incremental rate based on their team salary.
This limit is subject to a complex system of rules and exceptions and is calculated as a percentage of the league's revenue from the previous season. Under the CBA ratified in July 2017, the cap will continue to vary in future seasons based on league revenues. For the 2024–25 season, the cap is set at $140.588 million. [1]
Restaurant Servers. The appropriate tipping percentage for restaurant servers has changed drastically over the past decade. While it used to be appropriate to tip 10% to 15% to your server, today ...
This amount was fixed at €100,000 through the 2015–16 season, [81] and increased to €200,000 starting in 2016–17. [80] The cap rules were further tweaked for the 2015–16 season. Player bonus payments that amount to more than 10% of a player's salary are now counted against the cap. [82]
With the 2002 CBA, the MLB introduced revenue sharing in an attempt to further level the playing field. Each team sends in 31% of their local net revenues into a putative pool. Local net revenue is described as gross revenue from ticket sales, concessions, etc. minus central revenue from television and radio deals minus actual stadium expenses.
The basic salary, often referred to as the base or fixed salary, is the set amount that an employee receives for their standard work. This figure does not include extra compensation such as bonuses or benefits. The total compensation package includes a crucial component that is usually represented as an annual, monthly, or hourly rate.