If you are a business owner and has people working for you, doing a payroll is inevitable. Government laws typically require a minimum pay period, which means, as an employer, you can always pay more frequently but never less that what is mandated. With this, every business has to decide which payroll schedule is best for their business and employees.
We have collected a number of schedule templates that you can use to plan payout times in different types of payroll schedules. Take note that each pay schedules has its own advantages and disadvantages, so make sure that you choose and download the most appropriate template for your business.
Weekly Payroll Schedule Template
Partnership Payroll Schedule
Payroll Tax Deposit Schedule
Bi-Weekly Payroll Schedule Template
Tax Payment Deposit Schedule Sample
Different Types of Payroll Schedules
There are different types of payroll and Payment Schedules, which is associated and based on an employee’s work schedule. Take a look at some we listed below:
- One-time payroll. This payroll is not very common as it only applies to services which require less than a day of work and project-based jobs that usually requires a down payment before the project is executed and the full payment after the project is finished.
- Semi-monthly payroll. This is the most common type of payroll where the employee receives his salary in a monthly basis, usually at the end of the month. This is mostly preferable as it is easier for the accounting department to create reports and deduct taxes.
- Biweekly payroll. This payroll is given to hourly employees as they have inconsistent weekly work schedules, which can include overtime. While most employees prefer to be paid more frequently, biweekly payrolls can be a headache for the finance department.
- Weekly payroll. Payrolls on a Weekly Schedule are not a very common option for most companies as they incur a lot of cost during payroll runs. It takes a lot of time for the payroll administrators, but it is great for hourly employees working with a flexible time.
Payroll Deduction Schedule Template
Holiday Payroll Schedule
Monthly Payroll Schedule Template
Semi-Monthly Payroll Schedule
Why Is Payroll Necessary?
- It provides income details. Employers don’t have to talk to employees one by one to explain how the net income is being calculated as it is all indicated in the payroll.
- It serves as a proof of income. Payrolls are often required by various government agencies as proof of income to determine tax returns and qualifications for benefits.
- It is used to track finances. They are a reliable way to keep track of all the details of the income earned such as salary, taxes paid, and vacation pay, as well as overtime.
- 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. It will determine the amount of aid the child deserves.
For more templates that your business needs, check out other templates such as the ones for Daily Schedule available on our website. We’re sure to have everything that you need!