If you are an employer or a self-employed individual it is your responsibility to pay your taxes on time. After withholding the tax deductions the employer can release pay checks to the staff. Now the problem faced by many of the small firms is to know how to calculate the amount of withholdings and the net take home pay.
This excel template is set up to calculate these metrics so you can review salary increase requests with ease and clarity. Great for an HR manager, generalist or small business owner and includes directions and a cheat sheet for understanding these compensation metrics. Enter the In and Out time for a date, and break hours (if any). This Excel time sheet has formulas that will automatically calculate the total number of Regular hours and Overtime (OT) hours. Note that break hours are deducted automatically from regular hours.
Paycheck Calculator is a simple and automated way of calculating the salaries and the taxable withholdings. In case of an employer, it is his sole responsibility to calculate tax and deduct that amount from the gross value. Apart from this even the individual has to declare his/her other means of income other than the salary being received. You have to pay tax on the net income earned from all the sources.
1
Requirements
Microsoft Excel® 2007 or Higher (PC & Mac)
Microsoft Excel® 2007 or Higher (PC & Mac)
How to calculate income tax in Excel? In some regions, the income tax will be taken out from your incomes (salary) by your company accountants, while in some regions it requires to calculate and declare the income tax by yourself. It may be tedious to combine dozens of sheets from different workbooks into one sheet. But with Kutools for.
Installation
Not Required
Not Required
License
User License Agreement
User License Agreement
Using Paycheck Calculator
Pay Check Calculator requires the details of the latest tax rates imposed by the government to calculate the correct taxes. The sheet has three main sections, first one is used to show the Gross Pay, second one for calculating your pay check and a third one is a graphical representations of the pay check.
This template makes use of Federal Tax brackets to understand the final calculations. These brackets are included into the subsequent worksheets. The tables are Federal Tax table and California Tax table (for California pay check calculator only). The tax brackets from these two worksheets are used to calculate the net amount of your pay check. The tables should be updated annually as per the government rules.
Net Pay Check Calculator (California)
for Excel® 2007+
1
Requirements
Microsoft Excel® 2007 or Higher (PC & Mac)
Microsoft Excel® 2007 or Higher (PC & Mac)
Installation
Not Required
Not Required
License
User License Agreement
User License Agreement
Salary Calculation Excel Sheet India
Employer releases the pay checks weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually and annually depending on the employee type. You need to enter the employee details like the Gross Pay, Payment Frequency, Filing status, Number of Allowances, Pre- Tax Withholdings, State and Local Tax details, FICA (Federal Insurance Contribution Act) details, Post Tax Deductions and Post Tax Reimbursements. New sage line 50 v12 download download and torrent 2016.
This template is best for individuals and professionals like Charted Accountants who have to calculate pay checks for many individuals. It is very important to deduct the correct withholdings and to submit the transparent and clear records. You cannot afford to make a single mistake as it can land you up in penalties as per law. This is the most flexible, fast and accurate way of filing your taxes. All your federal and state taxes are automatically calculated and you can be assured of its correctness with this template. Whether your social status is Single, Married or Unmarried (Head of family), it takes care of all through its method tables.
Tax filing is otherwise considered a cumbersome and a complex task. But the Pay Check Calculator is strongly recommended for you, if you are doing this tedious task on your own or for many individuals. Paying taxes on time saves you from the hassle of legal battles or late payment charges if any. Tax are the most important source of revenue for the government, it is this money that is used by the government in development and civic maintenance.
Since I have started this blog, Excel timesheet calculator template has been one of the most requested templates.
I often get queries on how to calculate regular hours and overtime hours of employees based on the ‘In time’ and ‘Out time’.
I also couldn’t find a good Excel timesheet template online, so I decided to make one.
This is a dynamic timesheet template in Excel where you can change the start date and the weekends. You can also specify hourly rates (regular/overtime).
There is a weekly, bi-weekly, and monthly timesheet template in the download file (each in a separate worksheet tab).
Also, when you print this timesheet template, it will fit perfectly on a single page.
Excel Timesheet Calculator Template
Here is a snapshot of the Weekly Excel Timesheet Template:
As soon as you enter the ‘In time’ and the ‘Out time’, the template automatically calculates the regular and overtime hours.
If there are any breaks (such as lunch break) that are not paid, you can also enter that. Based on it, it also calculates the total pay (considering there are hourly rates).
This Excel template is available in three formats – Weekly Timesheet, Bi-weekly Timesheet, and Monthly Audrey assad firefly rar. Timesheet (provided as different tabs in the download file).
How to Use this Excel Timesheet Calculator Template
Here are the steps to use this Excel Timesheet Template:
- Select the Week Start Date.
- Specify the weekend. You can select from various options in the drop-down. The options include – No Weekend, 1-day weekend (Mon, Tue…) or 2-days Weekend (Fri & Sat, Sat & Sun.). As soon as you select the weekend, those days get shaded in red in the timesheet.
- Specify the Start Time, # of Regular Hours, and Hourly Rate (Regular and Overtime). The start time should be in the hh:mm format (24-hour format). For example, 6 AM would be 06:00 and 6 PM would be 18:00.
- If all the Weekend hours are to be treated as overtime, select the checkbox. If unchecked, weekend hours would also be split into regular and overtime hours.
- Enter the In and Out time for a date, and break hours (if any). This Excel time sheet has formulas that will automatically calculate the total number of Regular hours and Overtime (OT) hours.
- Note that break hours are deducted automatically from regular hours.
A couple of points to keep in mind while using this Excel Timesheet template:
Microsoft Excel Salary Sheet
- There is an inbuilt check to make sure ‘In time’ is not later than the ‘Out time’. The template would not let the user enter the time in such a case. [This has been made possible using the data validation rules].
- If the work shift of an employee or team member spans to the next day (for example, starts at 6 PM and ends at 6 AM the other day), then make sure Day 1 time is 18:00 to 24:00 and Day 2 time is 0:00 to 6:00.
- Do not change any formulas in the timesheet. Only make the entries in ‘In time’ and ‘Out time’ columns. While deleting entries, delete it only from the ‘In time’, ‘Out Time’ and ‘Break Hours’ columns.
- I have changed the page margins to make it fit on a single sheet when printed.
What went into making this Excel Timesheet Calculator template
- Excel Formulas: A number of Excel functions such as DATE, MATCH, INT, IF and IFERROR are used to calculate the values (such as the date from selection or regular/overtime hours) in this timesheet template.
- Excel Drop Down List: It is used to allow the user to select the month name.
- Check Box -it is used to allow the user to specify if the weekends are to be charged at the overtime rate or not.
- Named Ranges/: These are used to refer to the data in the back end (in the data tab).
- Conditional Formatting.: It is used to highlight the rows when a given date is a weekend.
Download the Excel Timesheet Calculator Template
If there is an Excel template you wish existed, let me know in the comments section.
Frequently Asked Questions (FAQs)
Since I get a lot of queries about using this timesheet template, I thought of creating this FAQ section to answer some of your queries. If you’ve a question, you can ask me in the comment section, but I would request you to go through this section first.
You May Also find the following Excel Templates useful:
- Excel To Do List (4 Templates).
- Project Management – Employee Leave Tracker.
- Vacation Itinerary and Packing List Template.
- Excel Calendar Template (Monthly & Yearly)
If you are looking for an online timesheet calculator, check this.
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