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Download payslip format sample in Microsoft Word format.
Choosing the Perfect Salary Slip Template for Your Business
Do you need to create salary slips for your employees at work—slips that are issued either monthly, bi-weekly or weekly depending on your pay period schedule? Have you considered using a salary slip template to help you with this? Using a sample or template to aid in the creation of salary slips can make a time-consuming and often frustrating chore much easier to bear, but when you initiate a search for a template that suits your purposes you are bound to be inundated with thousands of online examples, some better than others. The question is: “Which one should you choose?” To help clarify this, in this article we will show you some of the items that must ALWAYS be included on a salary slip, along with some optional data you can include if you so desire. By doing this, hopefully it will make your search for a salary slip template a little faster and much less confusing.
What Exactly Is a Salary Slip and What Has to Be Included?
The term “salary slip” is known by a few different names, and what these documents are called really depends on the part of the country or region of the world you’re living in. Alternate names for salary slips include “pay stubs,” “check stubs,” and “pay slips,” but regardless of what they’re called, they all convey certain earnings information, and the issuing of these documents is typically a mandatory assignment for business owners and/or managers.
In short, a salary slip is a written (printed) record of how much an employee earned during a given pay period. It shows the employee’s hourly rate (or annual salary broken down) and the total number of hours worked. The product of these two values is an employee’s gross earnings, which is the amount the employee earned before deductions were applied to his pay. This figure, the gross earnings, is important because it is the figure that most businesses—and the IRS—will look at when determining an employee’s total salary.
The salary slip also breaks down all of the deductions from a given employee’s gross earnings, including both mandatory deductions and voluntary contributions. Mandatory deductions include items such as local, state and federal income tax and worker’s compensation insurance, while voluntary contributions include things like health, dental and vision insurance, retirement and pension savings, contributions to a 401k or IRA plan and any charitable contributions an employee wishes to have deducted.
Once the mandatory and voluntary contributions have been collectively deducted from the gross earnings, the last piece of information the salary slip will show is the “net earnings.” This is the amount the employee will actually receive in his/her pay check.
Salary Slip Template: Optional Data
While the collective items mentioned above make up the mandatory items on a salary slip, there are some optional pieces of data that can be included if you are so inclined. Some of the items you might want to add to these slips include the employee’s vacation day balance, year-to-date earnings, retirement account balances and your company logo or letterhead.
Finding the perfect salary slip template for your company is essentially a two-step process. First, you need to make sure the template is set up to include the entirety of mandatory items you will need to print, and when doing this you’ll need to keep in mind that different states and/or countries have different requirements when it comes to what must be included. The second step, and one that is entirely up to you, is to try and locate one that is flexible enough to customize any way you wish.