Many factors are involved in calculating payroll for employees such as wages, different types of tax and insurance deductions. It can become tedious to organise and perform calculations on this data. Microsoft Excel offers templates to keep track of payroll and performs some calculations for you. Using these templates can save time and keep the information organised and easily accessible. Learn how to use a Microsoft Excel template that tracks and calculates payroll based on the input of several fields.
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Things you need
- Microsoft Excel 2007
Open a new workbook in Microsoft Excel. Click Office > New.
Type "Payroll" in the "Search Microsoft Office Online for a Template" text field. Double click the "Payroll Calculator" template.
Enter information under the following fields: Name, Hourly Wage, Tax Status, Federal Allowance from W-4, State Tax Percentage, Medicare Tax Percentage, Insurance Deduction and Other Regular Deduction in U.S. Dollars. The Total Taxes Withheld field will be populated automatically, based on the tax data you entered. The Total Regular Deductions field will also be calculated, based on the total of the data you entered for insurance and other regular deductions.