Definition: A payroll calculator is designed to assist you in calculating net pay and payroll taxes due.
Objective: Use this worksheet to determine the net pay amount for a payroll check to be issued to an employee and to calculate
the amount of taxes owed during the time for which the payroll calculation is prepared.
The Spreadsheet: This worksheet provides a systematic method of calculating payroll expenditures, payroll deductions and
payroll taxes due. The entries listed in the spreadsheet should be adapted to the particular business for which the calculation is
being made, with appropriate changes in the entries as required.
1. Populate all applicable highlighted in GREEN cells in the "Payroll Calculations" worksheet.
2. Populate all applicable cells For each employee. Cells that require your input are highlighted in GREEN.
3. The Payroll Calculations worksheet will automatically calculate the gross pay, taxes withheld [based on a percentage
withholding], net pay and payroll taxes due.
1. The cash position at the end each quarter should be adequate to meet the expense requirements for the following quarter. If
there is not sufficient cash to meet the expenses of the subsequent quarter, then additional cash will have to be injected or cash
paid out must be reduced. more useful when the budgeted information can be compared with actual information as it develops.
2. The projection becomes
It is important to follow through and complete the actual columns as the information becomes available. Utilize the overhead
budget projection to assist in setting new goals and planning operations for more profit.
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How to use this spreadsheet:
(1) Fill in all column rates that are highlighted in green, as applicable to your business
All other calculations will automatically be updated when you change the cells highlighted in green
Check the entries listed in the spreadsheet to see if they are pertinent to your business and modify them as needed
By using this spreadsheet you will be able to calculate:
(1) Gross pay
(2) Taxes to withhold based on a percentage level of gross pay
(3) Net pay, amount of the paycheck issued to the employee
(4) Total payroll for the period
(5) Payroll taxes due for Federal Forms 941/944
(6) State taxes due for State Income Tax Withheld Forms
Period I Week Ending Hourly Rate Hours Worked Gross Pay Fica W/H Medicare W/H Federal Tax W/H State tax W/H Net Pay
Employee A (insert date) (insert rate) (insert hours) (rate x # hrs) 4.20% 1.45% 10% 5% (Col. E - Col.(F:I))
1/31/2011 10.00 80.00 800.00 33.60 11.60 80.00 40.00 634.80
2/28/2011 10.00 70.00 700.00 29.40 10.15 70.00 35.00 555.45
3/31/2011 10.00 60.00 600.00 25.20 8.70 60.00 30.00 476.10
Total for Employee A 210.00 2,100.00 88.20 30.45 210.00 105.00 1,666.35
1/31/2011 8.50 40.75 346.38 14.55 5.02 34.64 17.32 274.85
2/28/2011 8.50 39.25 333.63 14.01 4.84 33.36 16.68 264.73
3/31/2011 8.75 50.00 437.50 18.38 6.34 43.75 21.88 347.16
Total for Employee B 130.00 1,117.50 46.94 16.20 111.75 55.88 886.74
Period 1 Totals Hours Worked Gross Pay Fica W/H Medicare W/H Federal Tax W/H State tax W/H Net Pay
Employee A 210.00 2,100.00 88.20 30.45 210.00 105.00 1,666.35
Employee B 130.00 1,117.50 46.94 16.20 111.75 55.88 886.74
Period 1 Totals 340.00 3,217.50 135.14 46.65 321.75 160.88 2,553.09
Period 1 Payroll Taxes Due Fica W/H Medicare W/H Federal Tax W/H State tax W/H
Employee portion rate