As an owner of business, doing payroll is inevitable. In fact, the government laws require a minimum pay period where you are allowed to pay more frequently but not allowed to pay less. So, it is a good idea if you decide to create a payroll schedule template.
How to Write a Payroll Schedule Template
In this article, we will discuss further how to make a payroll schedule. The template should depend on the types of payroll schedule. In fact, there are some types of payroll schedule you need to know. Let’s see one by one.
The first is One-time Payroll. This just applies to services that require less than one day of work & project-based jobs which require a down payment before it is executed & the full payment after it is finished.
The second is Semi-monthly payroll. It is the most common one as the employee receives the wage monthly. It is also preferable because the accounting department will be easier to make reports & deduct taxes.
The third is Biweekly Payroll. It is purposed to an hourly employee where he or she does not have consistent weekly schedule of work, including overtime. Most employees like to be paid more frequently and biweekly payroll usually makes headache for a finance department.
The last one is Weekly Payroll. Weekly payroll schedule template is not too common. In fact, the companies incur much cost during the payroll runs. Besides, it also needs much time for the administration of payroll. However, it is good for hourly employees whose working time is flexible.
To make the template, you can begin with a title at the top of the page. After that, create a table with some headers. Starts from the leftmost column, the header should be Pay No. It is the number of payment to be paid.
After that, it is followed with Pay Period Start Date. The next header is Pay Period End Date. Then, you also must include Pay Date. One more, you cannot forget Submission Date. It is also allowed for you to add other needed information.
Payroll planner template is very important for a company. In fact, payroll provides the details of income. The employer does not need to talk to the employees to explain about the net income being calculated because it is included in the payroll.
Besides that, it also serves as an income proof. That is why it is often required by many government agencies to determine the tax returns & benefit qualifications. Then, it can also be functioned to track finances, including the wage, taxes, vacation pay, and also overtime.
Payroll also relates to loan application. In this case, the lender and the landlord need the tenant’s or the borrower’s paycheck stubs where it functions to validate the ability of a person to pay the amount required.
One more, payroll schedule template is also used in financial aid application. Here, parents use a paycheck stub when they fill out the college financial aid form of their child. This will determine the aid amount that the child deserves.
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