The salary calculation sheet template, as the name indicates, is a spreadsheet that helps calculate each employee’s salary according to the prevailing law. Basically, it is used by the employer itself or the authorized financial assistant or human resource manager or employee of any company. These salary calculation sheets can be customized according to one’s own needs and none of the employees, because for a larger group of employees, these calculations require multiple checks. To calculate accurately any employee’s net salary, a pay stub calculator may also demand some other information about the employee that would have been otherwise kept confidential. Since the employee only gets the itemized paystub, this information is still safe and secure with the employer. Moreover, such information includes any employees’ working hours, leaves, compensation, deductions and loans or advances. The salary calculation sheet template is designed or programmed with a built-in calculator that is fed with the current rates of taxes on a fixed amount of salary.
Details of Salary Calculation Sheet Template:
A salary calculation sheet template can also present data in graphical form to make it easy to understand. This sheet assists in generating pay stubs which are to be handed over to the employees. These sheets are available in Microsoft Word and Excel templates and once the information for each employee has been entered, it simply does the rest of the work and calculates the net salary. The salary calculation sheet is designed in such a way that it calculates different perks which are given to an employee according to an employment agreement. For instance, house rent allowance, medical allowance and dearness allowance, without creating problems. Moreover, it is also capable of calculating withholding tax that includes income and professional tax. After the deduction of all of these from the gross salary, net salary is then calculated. In other words, a pay stub is generated through this system and this system provides a perfect template.
Image of Salary Calculation Sheet Template:
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