Payroll is the amount of a worker’s total payment made by the employer. It may be made at the end of the week or once every month. On the other hand, there are also daily wage workers who receive their payment at the end of each day. Different companies have different rules regarding the total payroll. Generally, the actual amount depends on a particular employee’s position, tax deductions, and other expenses.
In addition, the benefits included in the overall pay package are also taken into consideration. Various other parameters may also be important for payroll processing. For instance, a company’s own unique payroll structure plays a significant role.
Likewise, there are a number of payroll components which are based on the laws laid down by a specific country or state. The end result of payroll processing is the amount of a worker’s take-home salary. This requires perfect calculation.
What is a payroll calculator?
Payroll is the total salary an employee receives every month. In some companies, the payroll is also made after a week. For some employees, particularly those working on daily wages, the payroll is generated daily. There are different rules and regulations followed by an organization when it comes to making payroll.
The payroll is calculated the payment is made to the employee. The calculation of the payroll occurs on the basis of total number of hours an employee works, number of days that were taken off from work, rates per hour and a lot more. The benefits an organization offers to its employees are also taken into consideration in order to calculate the payroll.
There are a unique structure and the criterion in every organization for the calculation of payroll. However, every organization needs the payroll calculator to perform the calculations regardless of the rules and structure.
Companies often hire proficient accountants for this job. However, a computerized payroll calculator can serve the purpose in a more efficient way. Firstly, human error is eliminated. Secondly, the entire task is accelerated.
The process can be carried out for hundreds of employees in no time. This is particularly important for large organizations. This special calculator can be customized according to the specific payment rules set by individual organizations. Modifications can be made at any time according to the changing conditions, such as increased or decreased tax percentages.
Overall, this type of calculator combines several benefits. Apart from its function of payroll processing, it can also serve as a payroll register as well as an employee information register. In short, these records can be integrated for extended simplicity. The stored information can be extracted easily. This, in turn, comes in handy during regular auditing sessions at organizations.
Payroll calculator template:
As a matter of fact, the companies often hire the professional such as an accountant for handling the payroll and performing the calculation of the payroll. The calculation performed by the person may contain errors at times.
However, the use of a payroll calculator template ensures that the payroll of the employees is being calculated efficiently. Since every organization has its own rules and methods for payroll calculation, the template can be modified to make it in accordance with the company.
For example, the percentage of bonus added to the salary of the employee may be different in different organization. The user can modify the template so that it can calculate the payroll according to the rules and regulations of the organization.
A payroll calculator template can be found on the internet. Such templates are designed by experts. They can be used to create personalized calculators for various organizations. Small and large businesses can benefit from perfect functionality. Companies can get rid of accountant dependency. In a nutshell, this can lead to a reliable system of payroll calculation.
Preview and Details of Template
File: Excel (.xls) 2007+ and iPad Size 67 Kb | Download
File: OpenOffice (.ods) Spreadsheet [Calc] Size 22 Kb | Download
License: ENERGY (Personal use only)
Benefits of payroll calculator:
- The use of a payroll calculator ensures that the salary of each employee is calculated accurately. There is a very low possibility of the error occurs when the automatic payroll calculator is used.
- The user can use this calculator to calculate the salaries of all the employees working in the organization.
- If you are running a small business and you have limited resources, you can do the calculation yourself by using the calculator without hiring any professional.