Calculate employee salaries, deductions, taxes, and generate detailed payroll reports. Free online tool for businesses and HR professionals.
Enter employee details, salary information, and applicable deductions to calculate accurate payroll. All calculations are based on standard payroll formulas and tax regulations.
Create professional payroll reports that can be saved, printed, or exported for record keeping and accounting purposes.
Our professional payroll calculator simplifies complex salary calculations for businesses of all sizes. Whether you're an HR professional, small business owner, or accountant, this tool provides accurate payroll calculations in seconds, eliminating manual errors and saving valuable time.
Payroll calculation is the process of determining the amount of money to be paid to employees for a specific pay period, after accounting for various deductions including taxes, insurance premiums, retirement contributions, and other withholdings.
Regular Pay Calculation: Hours Worked × Hourly Rate
Overtime Calculation: Overtime Hours × (Hourly Rate × Overtime Multiplier)
Gross Pay Formula: Regular Pay + Overtime Pay + Bonuses + Commissions
Net Pay Formula: Gross Pay - (Federal Tax + State Tax + Social Security + Medicare + Other Deductions)
You need: Employee's gross pay, pay frequency, federal/state tax information, Social Security and Medicare rates, pre-tax and post-tax deductions, and any additional earnings or bonuses.
Overtime is typically calculated at 1.5 times the regular hourly rate for hours worked beyond 40 hours per week. Some states have different overtime rules, and some positions may be exempt from overtime.
Gross pay is the total amount earned before any deductions. Net pay (take-home pay) is the amount the employee actually receives after all taxes and deductions have been subtracted from the gross pay.
Common pay frequencies are weekly, bi-weekly (every two weeks), semi-monthly (twice a month), and monthly. The frequency depends on state laws, company policy, and employee agreements.
Pre-tax deductions (like 401(k) contributions and health insurance premiums) are subtracted from gross pay before taxes are calculated, reducing taxable income. Post-tax deductions are subtracted after taxes are calculated.
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Employee ID: EMP001
Pay Period: Bi-Weekly
Pay Date: June 15, 2024
| Regular Pay: | $2,308.00 |
| Overtime Pay: | $216.38 |
| Bonus: | $500.00 |
| Commission: | $250.00 |
| Gross Pay: | $3,274.38 |
| Federal Tax: | $392.93 |
| State Tax: | $163.72 |
| Social Security: | $203.01 |
| Medicare: | $47.48 |
| Health Insurance: | $200.00 |
| 401(k) Contribution: | $300.00 |
| Total Deductions: | $1,307.14 |
| Net Pay (Take Home): | $1,967.24 |
Generated by FinToolsPro.com Payroll Calculator on June 15, 2024