TAXABLE INCOME PAYROLL REPORT
Prepared by: [Your Name], Payroll Department
I. Employee Information
Employee Name | Employee ID | Department |
|---|
John Doe | 00123 | Sales |
Jane Smith | 00456 | Marketing |
Michael Johnson | 00789 | Finance |
Emily Brown | 00234 | HR |
David Lee | 00987 | IT |
Sarah Adams | 00678 | Operations |
II. Earnings
Description | Amount ($) |
|---|
Regular Salary | 5,000 |
Overtime | 500 |
Commission | 1,000 |
Bonus | 300 |
Sales Incentive | 200 |
Total Earnings | 7,000 |
III. Taxable Benefits
Description | Amount ($) |
|---|
Health Insurance | 200 |
Company Car Usage | 100 |
Housing Allowance | 150 |
Cell Phone Allowance | 50 |
Total Taxable Benefits | 500 |
IV. Deductions
Description | Amount ($) |
|---|
401(k) Contribution | 500 |
Health Insurance Premiums | 50 |
Dental Insurance Premiums | 30 |
Vision Insurance Premiums | 20 |
Total Deductions | 600 |
Deductions can be either pre-tax (deducted before calculating taxable income) or post-tax (deducted from taxable income).
V. Taxes Withheld
Tax Type | Amount ($) |
|---|
Federal Income | 1,200 |
State Income | 300 |
Social Security | 350 |
Medicare | 80 |
State Disability | 25 |
Total Taxes Withheld | 1,955 |
These withholdings ensure that employees meet their tax obligations throughout the year.
VI. Net Pay
The Net Pay section represents the amount of money an employee receives after all deductions and withholdings have been subtracted from their gross earnings. It provides a clear picture of what the employee takes home:
Description | Amount ($) |
|---|
Net Salary | 4,945 |
Net pay is the actual income available to the employee for personal expenses and savings after accounting for all financial obligations to the employer and government authorities.
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