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Payslip Sample: Understanding Your Payslip
Last Update : 10 December, 2013
Are you a new business owner, manager or payroll executive in need of a quality payslip sample, one you can emulate to generate payslips for your employees? Do you know what information a payslip sample should include and where to find one? If you run a business or its payroll department, the task of issuing payslips, although certainly a hassle, is mandatory rather than optional. Businesses are legally required to generate payslips for their employees because these records show the number of hours an employee has worked, the gross and net income earned and the totality of deductions withheld, each listed as an individual item. Fortunately, and thanks to rapid advances in business technology, creating payslips for your employees is now easier than it has ever been. To prove this point, in the following article we will discuss the many ways in which you can obtain or create a free payslip template, followed by an outline listing the topics and information that should normally appear on a quality payslip sample.
Where to Find a Payslip Sample
When your goal is to locate or create a free payslip template to use in your business, there are several options to which you can turn. Below is just a brief sample of some of those options:
• Purchase an Online Payslip Program. If money is not much of an object, there are numerous office software companies that sell online payslip programs. Often, these programs are very fairly priced, and can be downloaded directly from the company’s site to your office computer and installed in mere seconds. These programs are very common nowadays and most of them offer a step-by-step tutorial that provides easy directions for creating any type of payslips you need.
• Find a Free Payslip Template. Believe it or not, there are many websites on which you will find an online payslip for absolutely no cost whatsoever. Most of these are business-related sites that, in an effort to help out newly-started companies, offer a free payslip template containing all of the required categories that payslips should contain, including a number of sections for both income and deduction information. The only downside to a free payslip template is that it usually does not include the same level of support or the instructional materials you’d find in a paid program, but if you and/or your payroll manager are already fairly computer savvy, this type of online payslip can save you a lot of money and time.
• Create Your Own Payslip Sample. A third option for obtaining a free payslip template is to create your own using the spreadsheet or word processing program that came with your home or office computer. This may sound like more work than it is worth, but surprisingly, these payslips are very easy to create. Using Microsoft Excel, for example, all you would need to do is develop the various income and deduction categories you’d like your template to contain and, using a set of simple online payslip instructions—instructions you can usually find online—create a series of formulas to perform the required calculations. Once your payslip sample is created, it can be used over and over again each pay period, enabling you to issue a printed copy of the payslip to your employees and save an electronic version for your files.
What Should Be Included on a Payslip Sample?
The exact items you’ll want to include on your payslips will depend largely on the type of business you have and where it’s located, but there are some fairly universal topics that will/should appear on any free payslip template. Some of these include:
• Employer Information. The name of your company, along with the address of its headquarters, telephone number, email address, and website information is a must for any online payslip.
• Employee Details. Naturally, the name of the employee must appear prominently on the payslip sample, as should his or her address, contact information, and most importantly, social security number. This latter piece of information is mandatory as this is how the employee is identified by the Internal Revenue Service—the nation’s income tax agency.
• Income Information. Any payslip sample will include multiple categories for income, including regular and overtime hours worked, the regular and overtime wage rate, gross and net income for the current period, and gross and net income for the year-to-date.
• Deduction Information. The deduction category of a payslip will usually contain the most items, including current and year-to-date deductions for local, state and federal income tax, social security, insurance, health benefits, retirement savings and voluntary contributions.
As you can see, there are many methods at your disposal for locating a payslip sample, however, if you do decide to create your own free payslip template using your computer’s office software, be sure that, at minimum, you include each of the above-named items.