Once you step up to the next level and open your own business you are probably going to have to hire employees to help you keep things running. This means that you are also going to have to be prepared to prepare each employee a pay slip at the end of each pay period. In order to keep your employees happy you are going to have to use a template to create their pay stub that shows them how much they earned and what deductions were taken out.
Learning About the Paystub and the Right Type of Template
Most new business owners have probably never filled out a payroll stub and as such have only a limited idea of what information must be included. The best way to ensure that the stub you give to your employees is right your best bet is to use a template to create a pay stub that will work with your computer accounting software.
A template is a guide that can be used to provide you with the basic concepts of how to create a payroll stub. With most templates you will find that you can customize them to match your company’s specific needs. In many cases you will find that there is specific information that your employees will ask you to include on their pay stubs, by choosing the right template you will be able to add this information to their payroll stubs quite easily.
What a Template Used to Create a Paystub Should Include
Your employees and federal laws are both going to require that you include certain information on each pay stub. This information will all be included in the average template used to create a pay stub and in many cases can be filled in automatically from your database. Each stub should have a space for the employee’s name and address. There should be lines for his social security number, the hours he has worked broken down into regular hours and overtime hours.
Following this his hourly rates should be listed to avoid any question of what he is getting paid. The total of all hours worked should be shown along with the gross pay. Below this should be lines for all taxes, social security and Medicare deductions as well as any others such as health insurance payments. This way your employees can understand where every dollar they have earned goes before they get the bottom figure or net pay.