Standard Income Statement

A standard income statement is a document which officially provides the details of the basic pay of an individual. It is prepared by including the normal pay and excluding the funds and payments made after the retirement of the person. Thus, it is written ornately by checking with the fact that the person is not deprived of the standard allowances as promised.

Sample Standard Income Statement:

State Health Organization

Standard Income Statement

This document provides the standard income statement of a government employee working in the organization’s department. It elaborates on the basic income level and the standard allowances that the employee is entitled to during his tenure of service.

Income statement of: Mr. Rupert Wilson

Standard income statement given for the period of: July, 2011

Department of service: Public health analysis

Date of joining service: 6th January, 1990

Educational qualification: Bachelors of Science in Physiology

Address: 4, Kelsey Road, California

Standard allowances admissible for the employee:

Basic pay (remuneration for service): $6000

Pay Guard (fixed allowance for the said post): Rs. 4000

Dearness allowance (pay for beating market inflation): $3000

House rent (allowance granted for residential purpose): $1000

Medical allowance (grants based on medical insurance): $500

Conveyance allowance (grants allowed for daily cost of travelling): $500

Total amount of salary paid monthly: $(6000+4000+3000+1000+500+500) = $15,000

[Standard amount of increment: 3% of the total salary]

Standard deductions on the salary as per rules:

Provident fund (refunded after retirement): 10% of 15,000 = $1500

Income tax (tax paid to the government): 10% of 15,000 = $1500

Net standard income in cash: $(15000 – 3000) = $12,000

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