![]() The deductions of withholding tax from the salary need to be calculated based on the information submitted by the employee in W-4 Form. To calculate the paycheck amount, it is necessary to derive some information from the Federal Withholding Form W-4. Gross Annual Pay = Gross Pay X Pay Periods Per Yearįor example, if your gross pay is $8,000 and payment is monthly, then $8,000 X 12 = $96,000 will be his annual salary. The template derives Annual gross pay by multiplying the gross pay with the number of pay periods. Moreover, based on the pay period selection, it displays the Pay Periods Per Year automatically.ĥ2 for weekly, 12 for monthly, 26 for biweekly, 24 for semimonthly, and 26 for daily. It can be monthly, weekly, biweekly, semimonthly, and, daily. The pay period is the frequency is the nature of the payment. Insert the gross pay based on the pay period. ![]() Gross pay is the salary before deductions. The template calculates annual gross pay and pay periods per year automatically. Gross Pay CalculationsĮnter the gross pay of the employee and select the pay period from the dropdown list. Let us understand each section in detail. Paycheck Calculator Template consists of 6 sections: Gross pay Calculation, W-4 Form information, Pre-Tax Adjustments, Federal Withholding Tax Calculations, Post Tax Adjustments, and Paycheck Deduction Summary. Microsoft Excel OpenOffice Calc Google Sheet Components of Paycheck Calculator Excel Template
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