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Ideal Sample Payslip for Your Business
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Are you a manager, accountant or payroll professional who is interested in finding an easier way to issue payslips to your employees at the conclusion of each pay period? Have you thought about creating your own payslip template sample, or perhaps borrowing a sample payslip from the Internet—one developed by another professional? If so, the following article may be able to help. Here we will discuss the two main methods for obtaining a sample payslip, followed by a list of items that will need to be included on any payslip template sample.
How to Get a Sample Payslip: Two Strategies
If you’re like millions of other small business owners and managers, the end of each pay cycle can be hectic and filled with many hours of extra work. You may even create payslips for your employees the old-fashioned way: manually and by hand. This is certainly commendable, but completely unnecessary. Although it is a legal requirement that businesses issue payslips to each of their employees, there are much easier ways to go about this, and many tools that can help. A sample payslip, for example, can save you hours of needless work and time—time that could be better spent in other phases of your business. Below are just a couple of strategies for obtaining a payslip template sample.
• Search the Internet: To say that a sample payslip would be easy to locate online is a grand understatement. There are literally thousands of online sites that offer a wide range of business-related documents, including many that offer free payslip examples. The goal of these sites is not profit driven, but rather more collegial in nature—a way to share information to make the lives of business professionals a little less hectic. However, when searching for free payslip examples online you will need to narrow your search down a bit, and look for only those examples that are pertinent to your specific state or region. This is necessary because different parts of the country have their own rules when it comes to payslips and the information they should reflect.
• Create an Excel Payslip: Most computers today come complete with the newest version of Microsoft Office, and while most professionals are familiar with the word processing component of this program (Microsoft Word), sadly, few have ever really experimented with the spreadsheet program that is also in this package, a program called Microsoft Excel. This is really too bad. Excel is a truly amazing business tool, and once you learn the ins and outs of the program you won’t believe how much time you can save on many of your present business tasks, including creating and issuing payslips to your employees.
But why create an Excel payslip? Why not just use Microsoft Word instead?
These are good questions, and the simple answer is “formulas.” Like Microsoft Word, Excel allows you to enter and print text and numerical data, but unlike the word processing program, Excel enables you to create formulas in certain fields. These formulas can be preset to perform any calculations you need, saving you from having to use a calculator or adding machine for each employee record you create. For example, you can create a formula that will calculate the amount of federal, state, or local tax owed based on an employee’s net earnings, or separate an employee’s overtime from regular wages automatically. Once the Excel payslip is developed, it can be used over and over again, and will permit you to print one copy for the employee while saving an electronic record for your own files. Just think of all the paper you’ll save.
Sample Payslip: The Necessary Elements
Whether you opt for option one or two, borrowing vs. creating a payslip template sample, there are certain elements that will need to be included—elements that will help your business and your employees with recordkeeping. Some of these include:
• Business/Employee Information. The first part of your sample payslip should indicate the name and address of your business, along with the name, address and social security number of the employee. This number is needed by the Internal Revenue Service and State Tax Boards for income tax purposes.
• Earnings. Most free payslip examples will have several different subcategories of earnings, also called income. These include the gross (before tax) and net (after tax) earnings, including overtime earnings, for the current pay period; and gross and net year-to-date earnings, or income earned thus far in the calendar year. The latter category is provided so that an employee can estimate his yearly income and potential tax burden.
• Deductions. When designing your Excel payslip you will need to create fields for several deduction categories, each of which can be calculated with the formula you create. Some of these categories include income tax—at the state and federal level—disability insurance and social security, retirement or pension savings, and health and dental benefits.
As you can see, there is simply no reason to create payslips by hand. A sample payslip can help take the time and hassle out of meeting your legal requirement, and enable you to print and save professional-looking payslips to each of your employees.
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