You might be wondering how do I calculate a paycheck for my employees well wonder no more because we got you covered hi this is Leslie at gusto and today we're gonna talk about how to calculate a paycheck first things first it's a great idea to check with your CPA or use an online software provider like gussto it just makes things easy for you and helps you stay compliant we're gonna start with a simple formula to calculate someone's net pay and that pays just a fancy way of saying the money that your employees take home so start out with gross pay subtract any pre-tax deductions subtract any employee taxes subtract out post tax deduction and there you have it you're left with your employees net pay first off calculate gross pay this is the big number so for hourly employees you're gonna see how many hours they worked in the pay period I multiply it by their hourly rate for salaried people it's usually the same every pay period and it's very yearly salary divided number to subtract out any pre-tax deductions this is money that comes out before you calculate taxes like health insurance or a traditional 401 k plan number three employee only taxes this is like income tax and FICA which is just a fancy way of saying Social Security and Medicare number four post tax deductions this is gonna be any garnishments or other money that has to come out after all the taxes are taken out next up do the subtraction just like we talked about take that gross pay take out those deductions and taxes and you'll be left with the net pick it might seem like you're done but you can always add in a reimbursement for any business...
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2018 paycheck calculator Form: What You Should Know
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