Payroll Calculator Excel Template
A free Excel payroll calculator and register for hourly and salaried staff. Tax percentages are inputs that you enter and check yourself.
What is in the Payroll Calculator template
This workbook calculates gross pay, withholding and net pay for hourly and salaried employees and builds a payroll register for each pay period. It has four sheets: Settings, Employees, Register and How to use. Tax figures are user inputs. The template does not look up tax tables, wage-base limits or filing rules. You enter the percentages that apply, and the sheet applies them.
Settings
Enter the company name, the pay period start and end dates, the pay date and the pay frequency (Weekly, Bi-weekly, Semi-monthly or Monthly). The sheet converts frequency to pay periods per year (52, 26, 24 or 12). You also set the overtime multiplier (1.5 in the sample) and the employee Social Security and Medicare rates. The sample uses 6.2 percent and 1.45 percent, which are the employee rates published by the IRS on its Topic 751 page. The Social Security wage-base limit is not applied by this template, so check it for high earners. A red notice on the sheet repeats that tax figures are inputs.
Employees
List each employee with an ID, name, pay type (Hourly or Salary), hourly rate or annual salary, a federal withholding percentage, a state withholding percentage and any other deduction per pay period, such as a benefit contribution. The sheet holds 50 employees.
Register
The Register is where you run payroll. For each employee, pick the ID from a drop-down and type the regular and overtime hours for the period. The name, pay type and hourly rate fill in automatically. The formulas then calculate:
- Regular pay: hourly = regular hours x rate, salary = annual salary / pay periods per year
- Overtime pay = overtime hours x rate x overtime multiplier (hourly employees only)
- Gross pay = regular pay + overtime pay
- Federal and state withholding = gross pay x each percentage
- Social Security and Medicare = gross pay x each rate
- Net pay = gross pay minus all deductions
All amounts round to cents. A totals row adds every column, and an employer-side estimate shows the matching Social Security and Medicare amounts and gross pay plus employer match. A typed ID that does not exist shows “ID not found” in red. Overtime hours show in bold amber so they stand out.
The sample payroll
The file opens with eight fictional employees (five hourly, three salaried) on a bi-weekly period. The names, rates and percentages are invented for illustration. Delete them and enter yours.
How to use it
- Complete the Settings sheet.
- Add each employee on the Employees sheet.
- Enter the hours for the period on the Register.
- Check the totals and net pay for each person.
- Print the Register for your records.
Salary employees are paid salary divided by pay periods, with no overtime. Check federal and state rules on who is exempt. Use the timesheet template to collect hours first, and the overtime calculator for one-off checks. The calculation steps are in how to calculate payroll in Excel. This template is not tax or legal advice.
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Frequently asked questions
Does the template know current tax rates?
No. Tax figures are user inputs. You enter withholding percentages for each employee and the Social Security and Medicare rates on the Settings sheet. Check IRS Publication 15 and your state rules.
Does it handle the Social Security wage-base limit?
No. It applies the rate to all gross pay. If an employee may pass the limit during the year, adjust that employee manually.
How is salary pay calculated?
Annual salary divided by the pay periods per year from the pay frequency you pick, rounded to cents.
Can I change the overtime multiplier?
Yes. It is an input on the Settings sheet. The sample uses 1.5. Check the federal and state overtime rules that apply to your workers.
Is this a substitute for payroll software?
No. It is a calculator and register. It does not file taxes, produce pay stubs or handle year-end forms. Use a payroll provider or professional when you need those.
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