HR departments have a responsibility to support employees and contractors on a number of different levels. This includes ensuring they’re paid correctly.
To aid in this process, businesses need to generate a high-quality paystub template that contains all the correct information. If you’ve never done this before, it can be a bit of a challenge.
Whether you work in HR or own a small business, you’ll need a paystub you can rely on. To help you out, we’re going over five tips for creating a DIY paystub.
1. Choose a Good Paystub Generator
Instead of trying to create a paystub from scratch, use an online template generator. There are many to choose from, and most are affordable or free.
An online template generator allows you to choose from several layouts. You can also customize your template so you get exactly what you want.
Before choosing an online paystub generator, check out more info on their site about pricing and how the program works.
2. Template Design
Before you start creating your new template, you’ll need to think about a few things. Start with a pen and paper to make sure you have all your bases covered in advance.
Consider adding your business logo to the design. This makes your paystub look official.
You’ll also need to consider what information you need. This may change depending on if you’re working with private contractors or employees. However, there’s some standard information you need to include.
3. Employee Information
The top of your paystub template should include a field for the employee or contractor’s name. You’ll also need a space for a social security number or other types of tax identification numbers.
Next, add fields for the employee’s contact information. This should include their address, phone number, and email address.
Some states have paystub requirements for certain information. Make sure you look into this before you start creating your template.
4. Income Fields
Next, you’ll need areas to enter income information. Start with fields for the pay period that shows when it begins and ends.
You’ll need to list the employee’s pay rate. Other income fields include gross pay, overtime pay, and net pay.
You should also add a field for annual pay. This will track how much the employee has made during the entire year.
5. Taxes and Deductions
Paystubs are very important for both employee and business tax purposes. You’ll need to add several fields for required taxes and deductions.
Tax fields will include federal income taxes, state taxes, social security taxes, and Medicare. Again, make sure you look at your state’s guidelines for these fields.
Finally, include spaces for deductions such as 401K, pension plans, or 403b. You can customize this space to what your business offers.
Create Your Perfect Paystub Template
A paystub acts as an important record for both businesses and employees. Whether you’re using a digital or printed paystub, you need a template that fits your needs.
Use the tips discussed above to create a paystub template you can use for years.
We hope you’ve found this article beneficial. Please check out the rest of our site for more business tips, information, and advice.