Understanding Payroll Stub Template
As a business owner who has employees working for you, part of your responsibility is keeping an accurate payroll records for your business as well as providing employees with error- free records of their wages and salaries at the end of each week or month accompanied with their pay checks to get them committed to working diligently for you more. Achieving an error free payroll can be a challenge but if you use a payroll stub template, then you are on the right track doing the right thing.
When you use a payroll stub template, it guarantees accuracy of the records of deductions you make from your employees’ gross earnings every week. With a record kept by you as well as the pay stubs given to your employees, you can be sure that you would be having a business sense that your workers can always believe in and be committed to because they know they can always come back to that record with you if necessary.
All pay stubs should have the name and address of each employee, gross earnings, hours worked, pay rate for each hour, over time hours if applicable, descriptions and amounts of every deductions taken out of each employee’s earnings, and net pay which reflects on the pay check handed over to each worker with the pay stub for his personal calculation -if he desires- of how your payroll officer came about the net pay. However, most states differ on the type of deductions to be made from employees’ gross pay as taxes.
Therefore, it is advisable for you to get the payroll stub template that applies to your state. Typically, deductions are for state taxes, federal taxes, local or township deductions where applicable, you will also make deductions for healthcare, workmen’s compensation, deductions that concerns you could also be made, for example the loan advanced to workers or for equipment they got on loan or any other thing that can be verified and confirmed by the employee. You could also have a section for keeping the gross total for the year for gross pay, total taxes deducted, total net earnings for the year, and every other aggregate you think is necessary to make up for easy comprehension of the employees on their payroll management for the year.
A good payroll stub template is easy to find if only you know where to look for it. If you have good accounting software, it may contain what you need but where you do not have, you may look to the internet for a free stub template for payroll or you look to pay a token fee for you to customize your own template from some sites that offer such services.
A payroll stub template is very crucial in business and it is an important aspect of a good business strategy which aims at keeping your employees on the job with good productivity due to trust building and feelings that you care for them. They are more likely to appreciate you for providing them with readable and understandable paystubs.