Easy Ways to Create Pay Stubs
A pay stub or a pay slip is an important document that needs to be provided along the paycheck of an employee. It is the employer’s duty to create pay stubs detailing essential information about the salary and deductions made from it. The employees need it to keep track of their taxes and payments received. It is also required to be produced at times of approval for a loan or while refinancing an existing home mortgage or while filling up of financial aid form for your ward’s college. Printable pay stubs can be made using Pay Stubly.
Necessity to Create a Pay Stub
Company owners have to maintain certain records relating to an employee and his payments and hours worked. This is required by the law and cannot be avoided. The federal law does not make it mandatory to make a pay stub, but it can be the easiest way to maintain records that may be useful in many purposes.
Providing a pay stub to your employee keeps you away from any trouble. You and the employee both have proof of the payment received and tax and deductions made. This will help settle any disputes that may arise between the parties.
The federal law requires every employer to save the records of employees for up to three years after their leaving. The pay stub can be handed to authorities if required. It integrates all the information that needs to be recorded in one place.
The pay stub is also important for your employees. It acts as an employment and income proof for them. It will be required if they want to take a loan or go for refinancing. It also gives them correct figures of the cumulative earnings and deductions.
Ways to Generate Online PayStubs
Employers can create pay stubs through a website like Pay Stubly without using any additional software or computer spreadsheet. These websites usually present an online pay stub form with blank fields. To create pay stubs online free Canada citizens can access their state specific pay stubs.The categories can be filled up quickly within minutes to prepare a proper pay stub.
You can create pay stubs online free while some websites charge a small fee for joining. It is helpful for employers who want to get the job done quickly in minimal steps. There is no need to install anything and the whole process can be completed online. You just have to take a print out of the pay slip and hand it to your employee along with his paycheck. Pay Stubly creates pay stubs easily. You do not need to take the hassle to manually create pay stubs.
How to Create Pay Stubs Using a Pay Stub Template
A free template to create a pay stub can be downloaded from any website offering them. These templates can be imported on a computer and formatted using the word processing applications like Microsoft Word and Excel. You will find different types of templates and may need to spend a bit of time zeroing on the specific one you need. After you have finished downloading the sample pay stubs template, perform the following steps to create a pay stub.
Load the pay stub template on the spreadsheet application installed on your computer. On the top fill in the required fields of employee name, address and contact number. Next type the Social Security number and the company name, address and phone number. For security reasons, it is permissible to use just the last four digits of the Social Security number.
Next comes filling out the pay rate and overtime rate. The rate is calculated on per hour or per day basis in case of salaries.
You need to provide the pay period and the date of payment in this step. The hours worked and overtime, if any, are also required to be provided. Put the year to date information and accumulated vacation hours of the employee for both the current and year to date period.
If needed, you can make a new column to fill in pre tax deductions resulting from items like retirement planning and health insurance. You can do this by clicking on a row over tax deductions and putting in the name of the respective deductible items. The next column needs to be provided with the amount of deduction. The amount of pre tax deductions and the year to date amount has to be put in the next two columns.
The amount of taxes deducted against Medicare, Social Security, Federal and State taxes have to be filled in next. Along with them also provide the year to date amounts respectively.
The last step involves typing the employee’s joining date with his saved vacation time and current vacation hours used. You can eliminate unnecessary items by deleting them from the template. Once you are sure of the details typed in, you can proceed to save it. Just take a print out of the pay stub and distribute it to your employee with his paycheck. These steps can also be used as a solution to how to create paystubs in excel.
How to Make Pay Stubs for my Employees – Tax and Deductions
An employer has to make certain deductions from the paycheck of an employee towards income tax. Money is also deducted for other items like contribution towards a retirement fund, health insurance and employment insurance.
The income tax and other deductions vary year to year according to different state laws. The rate of income tax increases with the income of an employee. For 2016, taxable incomes up to $ 11,474 of an employee do not attract any income tax. You need to follow the below mentioned rates for subtracting income tax from your employee’s pay stub.
|Level of Income||Applicable Tax Rates (2016)|
|$1 – $45,282||15 %|
|$45,283 – $90,563||20.5 %|
|$90,564 – $140,388||26 %|
|$140,389 – $200,000||29 %|
|Over $200,000||33 %|
Create Pay Stubs Excel Easy Steps to Format
With this article, learn five easy steps on how to create pay stubs for your employees in Microsoft Office. On your very own computer, you should already have a blank pay stub template as a spreadsheet in excel. Providing pay stubs to your employees is very important for a successful business. Employees need to be able to keep track of their payroll and use pays stubs as proof of employment.
Here are the five steps discussed in this article:
1. Open the excel program- you should be able to locate this icon either on the desktop or in a computer file.
2. Access the pay stub template- by searching excel for a payroll template, you will find a template already provided in excel as a spreadsheet. It has three pages.
3. Input employee information- the first spreadsheet page has a table for you to input your employee’s basic payroll information. This is where you would, also, include your required tax percentages.
4. Calculate the payroll- the second spreadsheet page allows you to input the hours worked, sick leave taken, and overtime pay. The total columns will be generated for you. The generator will also use the information you have input into the employee information page.
5. Create multiple pay stubs- The final page of the template has been generated now with all the information. Multiple pay stubs have been generated and all you need to do now is add your company information and logo.
You have the capability to alter the width of the rows and height of the columns on the pay stubs. You can customize these pay stubs as much as you would like within the limitations of excel. You can, also, choose the type of paper you would like the professional pay stubs to be printed on.
Create Pay Stubs Quick Books – 10 Easy Steps!
Small business owners that are already using QuickBooks to manage their accounting can, also, use it to manage their payroll. You can print paychecks and pay stubs directly from your own computer and from your bank account. There is no need to hire expensive payroll service companies to handle your accounting. Quickbooks can generate professional and cost effective pay stubs for your company. Use the auto generator to reduce error in your tax calculations.
Follow these ten simple steps to learn how to create pay stubs in QuickBooks online.
1. Subscribe to an Intuit QuickBooks Payroll Service
2. Input All Your Employee Information
3. Choose Pay Stubs Tab From the Header Menu
4. Select the Bank Account You Want Pay Stubs to be Drawn From
5. Create Pay Stubs Quick Books Can Generate for a Specific Date
6. Specify How Many Pay Stubs You Want to Print
7. Choose Company Name or Global Message You Would Like Printed on Each Pay Stub
8. Simply Print the Pay Stubs Directly from Your Computer
9. Distribute the Pay Stubs to Your Employees
10. You Can Have the Pay Stubs Emailed to Your Employees Directly from QuickBooks.
Pay Stubs emailed to your employees will be password protected and in PDF form. Your employees can choose to save it on their computer for their records or print them out themselves to obtain a hard copy.
You can set print preferences to fit your choice of paper. However, you can print these pay stubs onto regular 8x11 white paper. If you do not set any preferences, QuickBooks does have a default print layout it uses.
It's that easy! If you choose to use QuickBooks as your payroll management system, you can create pay stubs quick books has generated for you and emailed to your employees.
Create Pay Stubs Online Free Canada And Fill It Successfully
Suitable Ways to Create Pay Stubs Online Free
Create Pay Stubs Online Free And Reap Useful Benefits
Create Your Paystubs Online
Paystubly allows businesses to create their employee paystubs simply online.