Payroll Calculator - what's inside our spreadsheet?
The Payroll Calculator consists of:
- Settings
- Employee Information
- Payroll (Weekly or Monthly)
- Pay Stubs
Each tab fulfills its role and helps you manage your payroll. Also, Payroll Calculator includes advanced features and dynamic drop-down lists that automate your work
Employee Information
The first task is to collect information from your employees. You can do that with Form W-4. After that provide data like hourly wage, taxes: state tax, federal income, social security, medicare, and insurance deductions. You need all of this information to properly run and distribute payroll. Also, you can set your billing year and currency.
There are 2 types of spreadsheets: weekly and monthly.
Both sheets contain tables in which you can register regular work hours, overtime, and sick/vacation hours. Moreover, for each employee, you can set an overtime rate and deductions. As a result, the spreadsheet calculates for you GrossPay, Net Pay, and Taxes.
Monthly & Weekly Payroll
Regular & Overtime Hours
Overtime hours typically begin after an employee works 40 hours a week. Overtime pay is one-and-a-half times the normal rate of pay. However, you can set overtime hours and overtime rate.
Taxes
Our spreadsheet handle taxes such as State Tax, Federal Income, Social Security, Medicare.
Deductions
A deduction is any money you subtract from an employee’s total wages.
Pay Stubs in Payroll Calculator Spreadsheet
To make it easier for you, we have prepared a Pay Stubs sheet – ready to print or generate PDF. It contains all information about worked hours, earnings, deductions, and taxes.
How it’s working? All you have to do is choose Month / Week and then employee. The formulas will handle the rest.
evilTwinMe –
Works great on my excel 365