A Payroll Calculator is a used to calculate the payroll according to the Federal Tax Rules. It is a kind of a record sheet that helps in keeping the information regarding the pay of the employee. His /her increments or deductions in pay are all a part of it. All the personal or official information of the employee is also registered here, such as:
- The name of the employee
- His/her address joined the company
- The decided annual
- Date on which he/she salary by the employees
- Federal allowances
- Post-tax deductions
- Pretax holdings
To collect the correct information about the payroll of the employee, certain other things are also kept in mind. These things might include:
- The gross pay of the employee with deduction if there are any of them.
- The amount
- All the legal payments if any
- The expenses along with the taxable benefits
The excel payroll template is a great help to keep this record. The template has three worksheets and every worksheet is allocated for some specific functions. The first worksheet has detailed information regarding every employee present in the organization. The payroll can be maintained by keeping a record of the leaves taken or any sick hours took including the regular work hours and the work done as a part of overtime. The payroll will calculate all such details for you. The third sheet helps in developing the pay stubs and the fourth finds out the Y T D information related to the payroll. The fifth sheet is a Federal tax table. You can find this template online to keep the record of the annual payrolls of your company.