Efficient Ways to Make Pay Stubs
Many times employers ask “ how to make pay stubs for my employees .”Managing the pay roll of your employees can become a laborious task and take up much time if you have large number of employees. You need to keep records and make a pay stub for each employee. The pay stub is an important document that provides the employees details of their working hours, amount of taxes deducted and their year to date payment information. Pay stubs are required in case of taking up a loan, debt refinancing and home mortgage refinancing. The pay stubs are given along the monthly paychecks of an employee. This is where Pay Stubly can help to make and print pay stubs.
Problems Encountered to Make Pay Stubs
If you are asking how to make pay stubs, then you should know that it can be difficult and there are some problems that can be encountered. They may include:
- It will take many hours to make multiple pay check stubs if your company has large number of employees. You need to create pay stubs for each of them yourself by hand.
- You have to be aware of the federal tax regulations and state tax laws so that your pay stub is accurate. This can turn to a difficult task keeping track of all the different laws.
- To manually make printable pay stubs in spreadsheet software presents chances for error regarding tax laws and payments. It does not have a pay stub calculator and hence prone to mistakes.
Is It Necessary For Employers to Make Pay Stubs ?
The government does not require employers to provide pay stubs to their employees. But it is mandatory for them to keep accurate records about certain information of the employee and details about hours worked and wages earned.
Companies that make pay stubs remain on the safe side of the law. Pay stubs are efficient and proper proof that you have performed your duties of an employer honestly as required by law. The records are required to be preserved for three years after the employee quits. Failing to abide by this regulation will put you in the risk of landing in prison.
Pay stubs also serve important purpose in respect of your employees. They have accurate figures of pay received and amounts deducted for both current period and year to date totals. It acts as a valid record that you can use as a backup if some misunderstanding arises.
Guideline About Tax Regulations and Deductions
An employer is required to make deductions from the paycheck of an employee for taxes and contributions. The items included are Income tax, contributions of the employee towards Employment insurance and retirement planning accounts. These deductions are forwarded by the employer to IRS and employees can use them to claim tax benefits on their annual tax filing.
Income tax is charged at graduated rates on the income of a person. The rate of tax increases with the increase in income. The tax rates are declared by the government each year. There is no need to deduct taxes up to $ 11,474 of taxable income of a person. The rates for tax deduction applicable for Canada are as follows:
|Income Range||Tax Rate of 2016|
|$1 to $45,282||15 per cent|
|$45,283 to $90,563||20.5 per cent|
|$90,564 to $140,388||26 per cent|
|$140,389 to $200,000||29 per cent|
|Over $200,000||33 per cent|
How to Make Pay Stubs on Excel
You can use a spreadsheet application to make pay stubs on excel or Word. Else, just download a free format from the internet and paste it in the spreadsheet. Then follow the below mentioned steps to proceed.
Open your spreadsheet application and create a heading with your company name and address.
On the top left corner of the pay stub type the complete name of the employee and his Social Security number. On the other side of this detail put the date and period for which the paycheck is being made.
Now you need to include the rates of payment like the rate applicable for working overtime under the employee’s Social Security number. The next line should provide information on total hours worked and overtime, if applicable.
The line below the above mentioned details should show the deductions made from the employee’s salary. The items to be included are Social Security, Federal taxes, state taxes, health insurance and Medicare costs.
Providing complete year to date information gets you over with the task of making your pay stub. You just need to print and give it to the employee along with his paycheck.
How to Make Your Own Pay Stubs as a Business Owner
Pay Stubly offer free pay stub template to make a pay stub. You can get hold of hundreds of templates of different kinds. Majority of them are free and can be edited to include or exclude the information you want. A proper pay stub template is required to save time and quickly create pay slips for the employees.
The pay stub templates can be pasted on Word or Excel. The templates will have the headings and items provided beforehand. You just have to select the respective categories and put the correct information relating to your company and employee. Templates meant for Microsoft Excel can carry out the payments based on the rates provided. It can be edited by the employer to match his own company’s rates. You can delete the extra items that you do not need from the template. The process is easy and generates printable pay stubs effectively.
How to Make Pay Stubs Online
There is another simple way that employers can use to quickly make pay stub online using software to make pay stubs. Pay Stubly for instance, has made it possible to make customized pay stubs in a matter of minutes. It even offers the free option of creating online pay stubs. This is unlike some other services that charge you a fee for their services.
In Pay Stubly, you have a blank form with blank fields to put in your employee’s information. The items are already provided and the task is to just click and add the details. You can preview the pay stub after you are done and then proceed for printing. You can even mail the pay stubs to your email account.
Pay Stubly is easy to use and you have all the details you will need to create quick pay stubs online.
How To Make Your Own Pay Stubs as a Business Owner
Owning a small business can be rewarding and stressful. You are your own boss. However, you are also a boss to others. Your employees depend on you to provide them with a job, pay, and the security in knowing what they are going to get paid and that you are keeping good records. It may be necessary for you to provide them with paycheck stubs to document a consistent salary and that proper deductions are being made. Hiring a payroll service may be too costly for your small business. You can create your own paycheck stubs for free through a few different options. This article lists a few simple ideas for you to utilize.
• Learn how to make pay stubs for free online
o By simply using your Internet search engine, you can find several websites that will provide you with a free printable pay stub template. The important fields are ready for you to input the data for your employee and they are easy to save and print.
• Learn how to make pay stubs on QuickBooks
o If you are using an accounting program such as this, it provides you with the payroll calculator for you to enter wages and deductions along with each employee’s profile information. It prints out paychecks and stubs for you.
• Learn how to make pay stubs using Excel
o By using the Excel application in Microsoft Word, you can input your employee’s information where it can be calculated and transferred over to a pay stub template in Excel. Keep track of your payroll by saving these documents in a file on your computer. Or you can design pay stubs as a word document.
These are just a few simple ways to take charge of your business and create your own pay stubs for free.
How to Make Pay Stubs Online! Free Easy Way to Track Payroll
Learning how to make pays stubs online can be useful for several reasons.
* Employers needing to keep track of hours worked and wages being paid.
* Small business owners keeping records for tax filing purposes.
* Employees needing documentation for a loan application.
* An employee searching for the proper information needed when applying for their child's college financial aid.
The federal government does not require employers to provide pay stubs to their employees, therefore you may not receive any from your job. It can be costly to hire a payroll service to create check stubs for you. Especially when you can learn how to create a pay stub online for free.
This article points out a few simple steps to guide you to create check stubs on your own.
1) Access a free pay stub template online. This can be done by simply typing in the search engine bar any combination of words relating to “free pay stub template.”
2) Visit the sites and choose one that is best for you. Some sites may charge a fee for extra services; such as, keeping track of your calculations for subsequent checks, tax calculators, etc. Some sites offer free calculators or you may just choose to do these on your own.
3) Be sure that all the necessary data fields you need are offered in the template. For example, look for gross and net salaries, hours and overtime worked, pay periods and dates, and year-to-date totals. Fill in all the required fields.
4) Print and save the pay stub. Most can be printed on regular 8X11 paper. Be sure to save to a PDF for future reference.
There you have it! Save money, time, and stress by learning how to make pay stubs online for free on your very own.
Create Your Paystubs Online
Paystubly allows businesses to create their employee paystubs simply online.