Calculate Net Salary Based on Insurance Type and Tax in Python

Program Overview

This Python program reads three inputs:
1. The employee’s gross salary
2. The type of insurance deduction (which determines the percentage)
3. The tax percentage
It then calculates the net salary using the following formulas:
- Insurance deduction = salary × insurance_rate / 100
- Tax deduction = salary × tax_rate / 100
- Net salary = salary - insurance - tax

Python Code:

# Read inputs from user
salary = float(input("Enter gross salary: "))
insurance_type = input("Enter insurance type (10%, 8.5%, or 1%): ")
tax_rate = float(input("Enter tax percentage: "))

# Determine insurance rate
if insurance_type == "10%":
    insurance_rate = 10
elif insurance_type == "8.5%":
    insurance_rate = 8.5
elif insurance_type == "1%":
    insurance_rate = 1
else:
    print("Invalid insurance type.")
    exit()

# Calculate deductions
insurance = salary * insurance_rate / 100
tax = salary * tax_rate / 100
net_salary = salary - insurance - tax

# Display results
print(f"Insurance deduction: {insurance:.2f}")
print(f"Tax deduction: {tax:.2f}")
print(f"Net salary: {net_salary:.2f}")

Example:

Enter gross salary: 5000000  
Enter insurance type: 8.5%  
Enter tax percentage: 5  

Insurance deduction: 425000.00  
Tax deduction: 250000.00  
Net salary: 4325000.00  

Step-by-Step Explanation:

- The user enters the gross salary, insurance type, and tax percentage
- The program maps the insurance type to its corresponding rate
- It calculates both insurance and tax deductions
- Finally, it subtracts both from the gross salary to compute the net salary