How many employees will make up your team? How much will you pay them? Go set up your headcount and calculate their monthly wages.
Free Payroll Template Excel contains the placeholder list of 30 line items.
A placeholder can be a person, or position, or a group of people. Each row specifies their hire and fire dates, annual salary, and Full-Time Equivalent count.
Besides, there are also annual salary raises, monthly bonuses, and tax rates.
No worries, it works simple.
For example, you hire a waiter.
They start working right on the restaurant opening date and are to work long-term. No need for firing, so you choose the last date from the list. Let their annual salary be 37000$.
For the first year, let’s assume you will need 2 waiters.
Then during the second year, you may need 3, a year after you will need four.
Annual salary is raised by 5% each year, always starting from the prior year. Add monthly bonuses may if it makes sense for you. On top of the salary and bonus, a tax is applied. Let’s assume the tax rate is 10%.
Or, you may hire him as a part-time employee. In this case, you should enter the hourly rate and the estimated hours per average month.
Having filled the table, you can notice changes in annual salary right in this tab.
Congrats! You have learned how to calculate wages and attend to every small detail in the process.