Streamline Your Payroll with Our Payroll Receipt Template for Supervision

Payroll receipt template for Supervision

hi guys welcome to the annual payroll processing template um it is uh something that will hopefully help you as you start to process payroll for your employees and i just wanted to take a second to give you a brief overview of how it works before you start using it and also to tell you that there is an article that goes along with it called how to do payroll in excel that you may find useful it gives a lot more detail for some of the steps and just some helpful hints hits hints and tips so when you get ready to start definitely though start with the instructions tab it's not a lot here but it does tell you where to start that you'll need to start with setting up your employee data then going to employee payroll tax employer payroll tax tab and so forth and then it also has some important notes here at the bottom uh just things for you to keep in mind as you are using this template so it does for instance don't delete terminated employees from the setup employee data tab until you are recreating the template for the next year that's helpful and i will uh show you why that's helpful uh before we finish the video so once you've reviewed the instructions and taking a look at the article you could do that before or after i would definitely come over to the setup employee data tab the setup employee data tab is where you will list all of your employees and their data so i would definitely recommend doing this in one sitting and make sure that you spell each employee's name correctly and you have everything you need so you know how much they're getting paid and so forth so here i'm starting out with john doe a very unique name here and i'm putting in his hourly rate uh 25 uh of course if you have salaried employees there's a spot for that so you'll put in their annual salary and then also the number of pay periods that they uh will be paid in the year so if they're paid once a month that's 12 pay periods if they're paid twice a month that's 24. uh that's very important uh for this spreadsheet to be able to calculate uh their earnings each period so you also have space to put in federal and state income tax rates now that could be different depending on like how you're coming up with the amount you need to withhold you will or you should receive w4 forms from each employee after uh before their start date at or before their start date and use that information to figure out how much you need to withhold from each check now the irs does have some resources uh that you can use and so sometimes you may come out with uh an actual amount versus a percentage and if that's the case i will show you exactly how to overwrite the amount that this spreadsheet calculates so that you can have more accurate information and also i recommend checking with your state to see if they actually charge state income tax because not all states do if they don't feel free to leave this the cell blank for each employee uh social security and medicare tax rates those are fixed as you see and that's our it's in here regardless of oh regardless of what's what row you're on so there's also a note saying that you shouldn't change this because it's predetermined by the irs which is true this has been the same uh these rates have been the same for years i'm not saying they won't change in the future it is a good idea to check each year that there have not been any changes but this has been pretty standard so i would also take a look at the section on benefits and deductions if you have if you allow your employees to partake in any employee benefits and you withhold deductions for that so if you have health insurance definitely put down the amount that you typically withhold from each check um not each month unless they're only getting paid once a month if they're getting paid twice a month and health insurance is 200 for the month then you're taking you're typically taking out 100 for each check so i would definitely put that here and then that goes for 401k garnishments and then i have two columns here for other deductions this is uh for you to use in the event that you have deductions that are not listed here you can even rename these to match whatever it is that you need and it will not mess anything up with the spreadsheet this last section here is for pto and the only thing you'll need to enter when you're setting this up is the amount of pto hours that you're giving your employees obviously if you're not giving out pto then you can disregard this section i will show you how it all comes and works full circle so columns q and r are already filled with formulas you do not have to do anything it should always tell you how much pto you have remain the employee has remaining and how many hours they've taken so let's take a look at the next tab which is the employer payroll tax tab this one's not as automated it's mainly for organization but i think still think it's useful so here you can enter your tax rates we actually already have the federal unemployment tax rate at six percent here for you state unemployment tax rate can vary so you'll have to definitely figure out what yours is and when it comes to the social security and medicare this is the employer portion of that tax so as you saw um you know the employees actually pay this this amount to you'll withhold that amount from their checks but you'll also need to pay your own portion so you pay the other half and so that those rates are fixed and we have them here this bottom portion that tells you how much you owe in taxes is basically broken down by month and the gross wages already the gross wage column has a formula for each month so you don't have to worry about pulling the the earnings for each month um so it it's going to calculate the total amount that your employee earned minus any non-taxable reimbursement so let's say for instance one of your employees goes to a conference for work and they send 100 bucks and you need to reimburse them that hundred dollars well that's not tax and you don't have to pay taxes on that they don't have to pay taxes on that there is um that needs to be excluded from this amount and it is so you don't have to worry here you will enter the total amount of the federal unemployment taxes that you owe for this month and same with state unemployment tax now keep in mind for federal unemployment tax you only owe six percent of the first seven thousand dollars that each employee earns so and that's for the year so you'll need to keep track of that which we do have a tab in the spreadsheet that's uh the it's called the annual um payroll tab and it basically will show you how much each employee is earning your debate so that should help you keep up with that so you'll just enter these numbers manually and then you can always refer to this tab if you need to make any comparisons uh or see if anything looks off it'll just help you with research purposes and to keep stay organized here for social security and medicare taxes you see n a in these cells that's because there is a formula already here that will calculate uh it will begin to calculate how much you owe as soon as you start paying employees and actually and putting it into this template there's also a column for workers comp workers comp is uh most days typically charge or at least require you to purchase that so how much ever you're responsible for paying each month you can input that here so the next tab you should take a look at will be the monthly payroll tab okay so when you're ready to start paying employees let's say it's january and we'll say january the 15th and let's say we're paying john doe okay actually let's delete john doe i want to show you what this looks like what it's going to look like when you get started when you get started nothing's going to be here okay and so we need to pay john doe let's say i put in john and i forgot oh john doe is voe and i put do and i misspelled his name nothing will populate and that's not how this uh spreadsheet works so i do recommend when you get ready to start paying employees to go back to your setup tab and copy the names of all the employees you have there so john doe i would copy his name and paste it into this app this january payroll tab so that i know that it matches and there's no question about it there's no errors and as you see his straight time hourly pay rate populates automatically along with his overtime hourly rate now let's talk about the overtime hourly rate that one is actually just calculated here but it's calculated at the time and a half rate which is what most states require you as an employer to pay out if your employee works over 40 hours in a week now if you're in a state like california that requires double time in some instances you may need to adjust this and you may have to do it on a case-by-case basis it really depends just on how your business works and how often it happens so once you have the name here and their pay rates have populated you can put in the number of hours they worked for the week so let's just say john worked 40 hours with a week and let's even say he took five hours of pto and we'll there's a spot for overtime there's a spot for bonus and non-taxable income which we'll put let's put in a hundred bucks that's let's say he went to a conference and he he had to spend his own money on a hotel and you're just reimbursing him well this section here from j through let's see j through you is all automated you don't have to do anything everything is automatically populates so it says do not change those cells um obviously there's no salary for the pay period just because he's an hourly worker but his straight time pay is what he he earned from working and so his working his 40 hours plus his five hours of pto all that's in this 1125 dollars there's no overtime and gross pay is 12.25 just because they it adds and the non-taxable income or the hotel reimbursement that we just talked about social security and medicare tax are automatically populated just because we know the formulas if they're flat you don't have to worry that that is changing federal income taxes based on the formula that are based on the percentage that you actually input on the setup tab so that's both for federal and state now remember again with that when it comes to the federal income tax system it's progressive here in the us so there's not really one fixed rate uh that you can that you can apply to that um amount that your employee earned so if you are using a system to calculate that uh how much your employee earns and you have an amount and say oh you realize you really need to hold withhold 61. feel free to overwrite this 58.50 no biggie you can overwrite it it's not going to disturb the spreadsheet one bit uh and then as you go on over further you have benefits so remember the health insurance the vision all those different benefits on the other on the setup tab it is everything is totaled here in this column for benefits and then other deductions which we didn't put anything there but let's say obviously if there were garnishments or anything or you had any special deductions that just were for your business then they would show here as a total and then we have total deductions which is that number includes all taxes and deductions for benefits and whatnot so anything that reduces the employees earnings and then finally we have net pay net pay is how much you are paying your employee so if that's how much you cut the check for or the direct deposit uh or deposits of their pay card so a very important amount let's take a look at february now i want to take a look at two months just because we're going to look at the annual tab and i want you to see how it all flows so i do already have john doe here again and i have 15 uh february 15th this is payday uh this time i said he worked some overtime hours and so that's just to kind of show you what that looks like um you see the straight time pay overtime pays 375 so those overtime hours those 10 overtime hours are actually calculated at the 37.50 rate so um and then you have your gross pay and then everything else is pretty much the same that functions well so let's take a look at the annual payroll tab which is the last tab and by the way if all of these monthly tabs appear to be overwhelming to you definitely hide them hide them until you need them and then and then you're going to hide um i just wanted to make sure you saw you're able to see the spreadsheet and pool so this last tab that we're going to take a look at is the year-to-date payroll tab and it basically it's automated like you literally don't have to enter anything on the stack every it has formulas i think in every single cell and so even here with the employee name which is why it's important that when you set up your employees that you have their names spelled correctly and you do not delete them because the year-to-date payroll tab is going to automatically pull each employee's name from the setup tab so i recommend if you have an employee let's say john leaves in march he's here january and february he leaves in march don't go back to the setup tab and delete his information because it will remove it from the spreadsheet and so then your year-to-date numbers will be skewed they will be wrong um and then anything else that was pulling from that setup tab will be off so that's just important to know so as you can see everything is annualized it's pulling data from each month so this is how many uh straight time hours that john has worked for the year so far which is really just january and february it's 80. he worked 40 i think per month and then pto hours he's he's worked 10 over time he's worked 10. so you should always be able to look at this to see year to date what you paid out how much he's worked um and and so forth one thing to take note of is the pto hours i wanted to circle back around and i didn't want to forget about that it calculates the total number of pto hours that he has take each employee takes each pay period so what you would do is go back to let's go back to the setup tab because i just want to show you really quickly remember when i told you that all you need to enter on the setup tab for pto is how many hours that the employee was giving given for the the year and this cell would actually tell you how much is remaining at all times as long as you're keeping all of your other payroll data updated so it shows you that 10 hours have been taken and it shows you that 30 hours are remaining so you can always take a look at this tab to see when you may need to to have a talk with john maybe he's going over or maybe he's nearing zero hours remaining so this is just something handy until you get like a time tracking tool or something that you can use all right um so that's that's that's how this spreadsheet works in a gist if you have any questions definitely refer to the how to do payroll and excel article because there's quite a few details in there that may answer your questions you can also leave comments suggestions questions underneath that article we have a comment section or underneath this video so anything we can do to help i know you may need a little assistance personalizing the spreadsheet for your own business will definitely be happy to assist