If you are a business owner and has people working for you, doing payroll is inevitable. Payroll can refer to a list of the employees you pay along with their information. It can also be the amount of money that a company pays for the work done and services rendered by the employees during each pay period, while it can also be the process of calculating and distributing wages and taxes itself.
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For most businesses, employee payrolls are necessary to keep track of all the transactions made and the paid work done by the employees. We have gathered some Payroll Templates that you can download, print, and use for any type of businesses, both big and small. Feel free to browse the page to find what suits best for your business.
Company Employee Payroll Template
Employee Payroll Statement Template
Employee Payroll Register Report Template
Employee Payroll Record Template
Employee Payroll Deduction Template
Uses of an Employee Payroll
There are several other uses of an employee payroll other than a document for the salary paid.
- Income details. Employers don’t have to talk to employees one by one in order to explain how the net income is being calculated because it is all indicated in the payroll. Check out our Word Payroll Template for easy-to-modify samples.
- Proof of income. Payrolls are often required by various government agencies as proof of income to determine tax returns and qualifications for benefits. That’s why a Payroll Register in mandatory for businesses.
- Tracking and budgeting. They are a reliable way to keep track of all the details of the income earned such as salary, taxes paid, bonuses received, insurance premiums, and overtime, as well as vacation pay.
- Loan application. Lenders and landlords need the borrower’s or tenant’s paycheck stubs to validate the person’s ability to pay the required amount.
- Financial aid application. A paycheck stub is used by parents when filling out their child’s college financial aid form. This will help determine the amount of aid that a child deserves.
Employee Payroll Database Template
Sample Employee Payroll Template
Individual Employee Payroll Record Template
Employee Payroll Advance Template
Components of an Employee Payroll
Aside from the necessary details such as the name of the employee the salary is being paid to, there are other important information that should be included in the employee payroll.
- Rate and number of hours. Most jobs are rated on an hourly basis, so the total number of hours worked during the time period in which the payment is being made should be indicated along with its rate.
- Total amount earned. Multiplying the total number of hours rendered with its corresponding rate gives you the gross income the employee earned or the amount that should be paid to the employee.
- Breakdown of taxes deducted. The amount of deduction made to the gross income for taxes should also be indicated in the employee payroll required by the government.
- Other various deductions. Other than taxes, deductions such as medicare, insurance, social security, and garnishes should be stipulated in order to establish how the net pay came to be.
For other payroll concerns, take a look at our Payroll Budget templates on our website.