Money is the reason every one of us is working so hard. We want a better life for our families and ourselves. The most important and wonderful day of the month is the one from which we get our salaries. Employees tend to wait for this day. Some companies delay the pay day which is an inconvenience for the employees. It is essential to pay the salaries on time to avoid any kind of hassle and trouble. Therefore to keep a record of the payment given to the employees and their total, companies have developed a payroll sheet to keep a track of every employee.
Payroll sheets contain the data of all the employees and the money that has to be paid to them every month.
How to make a Payroll sheet?
Fundamental elements of Spreadsheet:
- The fundamental element of the spreadsheet is to include fields with every employee’s name and payment that is to be paid.
- A column is kept for the dates on which the payment is made.
- There is a separate cell for the deductions that are made in the name of health care, transportation, social security benefits.
- If you are withholding government’s taxes, a separate cell is included and deductions are made according to the percentage of the tax paid since it is different for every individual depending upon the dependents he has on him.
Calculating and entering the data:
- These spreadsheets can be used for entering and totaling the data easily.
- Wrote the number of hours worked in A2 and payment for every hour in B2. To get a total pay, write A2.B2 in C2 and name it as Gross pay. This will give the total and you don’t have to use calculators to do the calculations.
- It includes a cell for the medical allowance, transport allowance, and social security allowance and these entire cells are named negative so that the deductions are made accordingly.
What a spreadsheet cannot calculate:
Well, the taxes percentage is different for every individual. Due to the filing statuses and number of dependents on them, you have to manually enter the taxes.
Use of template:
You can create your own payroll template and also can be easily downloaded from the templates given below.
Format: MS Excel