Form 12. Employee Separation & Severance Termination Letter: Fill & Download for Free

Think what you will about the Jenner-Kardashian clan as a symbol of the times, but Kylie Cosmetics is the textbook definition of “work smart, not hard”.To pull a few highlights from this excellent Forbes overview:Kylie, the youngest of the family, has long been famous thanks to her last name and her appearances on Keeping Up with the Kardashians.Even so, it wasn’t until 2014 (i.e., seven years after the debut of the show) that she stopped drafting behind the family and made her own push for prominence.How did she separate herself from her more famous siblings? She found out how to have larger lips in her social media shots.How did she do that? A combination of clever makeup work and temporary lip fillers.What did the internet do in response? They created a meme in the form of a viral challenge to replicate Kylie’s look via sucking on stemware.Having learned well from her family, Kylie acted while the headlines and hashtags were still flying, announcing a trial balloon to see how many of her imitators wanted better (far less disturbing) results than they could acquire via their kitchen cupboards.She used some $250,000 of her earnings from modeling gigs to pay an outside company to produce the first 15,000 lip kits. An intuitive marketer like most of her family, she spent months teasing the kits on Instagram, then announced the launch via social media just a day before they went on sale–November 30, 2015. The kits sold out in less than a minute. Resellers started offering the $29 product on eBay for up to $1,000. "Before I even refreshed the page, everything was sold out," Jenner says.This is where Mom comes in again. As with all the Kardashian-Jenners' ventures, Kris Jenner tends to drive the big moves. Sensing that this could be an ongoing business, not just a one-time stunt, she brought in e-commerce platform Shopify, run by billionaire Canadian entrepreneur Tobi Lutke, that December.Mom gave some good advice. Rather than trying to build a cosmetics company from scratch, Kylie did the smart thing and built her brand instead. She outsourced 98% of the work to two partner shops, in return for something like a 40% margin. Her job became simply pumping sales by showcasing her various products on Instagram (where she has 110 million eager followers).Last year alone, this arrangement lead to $330 million in revenues. [see note at end] And while sales have been effectively flat for the past 18 months, she’s hardly losing sleep. Even if they drop to $250m, or even $150m, all that will change is the size of her monthly check. She reportedly has just a dozen employees, almost half of whom aren’t even full-time. She owns almost zero risk.Put another way, she gets to pull in $10-15 million per month for picking colors, posting selfies, and socializing online (i.e., what many 20 year-olds do for free). And whenever the party finally ends, she’ll walk away at no cost to figure out the next monetization scheme, with her personal brand as strong as ever.Love or hate her, it’s hard to argue the results. Her family’s ability to extract value from their celebrity is nearly unparalleled. While we can criticize all we want, we’d be wise to also take notes.EDIT — May, 2020: Per this update from Forbes, the family significantly overstated revenues. Kylie is still very rich. Just not as rich as claimed.

Form 16 (Income from Salary)This form is issued by employer to employee and includes details of gross salary, exempt allowance such as HRA or Leave Travel Allowance, deductions that employee has communicated to the employer (for example, 80C).A separate section of the Form contains details of income/salary that is taxable and amount of tax deposited to the Government.Part A: This part contains information such as your employer’s name,amount of salary paid every quarter, amount of tax deposited and challan numbers (not useful to us as tax payers).Part B: This part contains breakup of your salary income, the deductions claimed by you as communicated by you to your employer and the working of your taxable income and final tax payable.It is important to note that you can claim certain deductions even if you have not informed to your employer (for example, medical expenditure or insurance premium). However, some allowances such as Leave Travel can only be claimed through your employer.Form 12 BA: This include list of perquisites (mostly provided to Goverment employees or ESOPs) given to the employer. The details need to be mentioned in income tax return form.Read more income tax stuff on our blog: RupeeTax. com/blog

information in the Form?There are two types of Form 16:Form 16 (Income from Salary)This form is issued by employer to employee and includes details of gross salary, exempt allowance such as HRA or Leave Travel Allowance, deductions that employee has communicated to the employer (for example, 80C).A separate section of the Form contains details of income/salary that is taxable and amount of tax deposited to the Government.Part A: This part contains information such as your employer’s name,amount of salary paid every quarter, amount of tax deposited and challan numbers (not useful to us as tax payers).Part B: This part contains breakup of your salary income, the deductions claimed by you as communicated by you to your employer and the working of your taxable income and final tax payable.It is important to note that you can claim certain deductions even if you have not informed to your employer (for example, medical expenditure or insurance premium). However, some allowances such as Leave Travel can only be claimed through your employer.Form 12 BA: This include list of perquisites (mostly provided to Goverment employees or ESOPs) given to the employer. The details need to be mentioned in income tax return form.Form 16 A (Income other than Salary)This form is issued by Banks and include information on amount of interest paid or accrued to you during the financial year as well as tax deducted by the Bank on the interest.Interest on savings bank (not fixed deposits) is Read more on our blog category income from salaries