Free Download Salary Calculator In Excel Format

Our Payroll Template will help you to calculate and maintain the records of pay and deductions for each of your employees. You can keep the confidential employee register where you can record employee information like name, address, date of joining, annual salary, federal allowances, pre-tax withholdings, post-tax deductions, etc.



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This payroll template contains several worksheets each of which are intended for performing the specific function. The first worksheet is the employee register intended for storing detailed information about each of your employees. The payroll calculator worksheet helps you with calculating the employee payroll based upon regular hours, sick leave hours, and vacation hours along with the overtime hours. The third worksheet helps to generate pay stubs for each of your employees. The fourth worksheet is the YTD payroll information, which holds the historical data that you transfer after every payroll round and the fifth worksheet includes the Federal Tax tables.


The YTD worksheet records a summary of payrolls dispersed to each employee from the beginning of the year till date. You can enter the information here, manually. We have kept it manual to avoid any complexity. This calculator is suitable for small and midsize companies. Then there is the Federal Tax Tables spreadsheet that provides the details of the IRS Publications that specifies the rules and rates for percentage method tables for withhold amount for an annual payroll period for single person or a married person. The Federal Tax Tables are subject to annual renewal and the links to publication are available within the template. This payroll calculator is best suited to track and calculate the payroll of every employee easily and efficiently.


The payroll calculator automatically calculates the payroll of every employee; we need to make sure that the details of each employee are complete and properly added into the spreadsheet. The details should include regular hours, holiday hours, vacation hours, sick hours, overtime hours and so forth. Also the corresponding rate for each kind of hour needs to be specified. The spreadsheet also has information about the federal tax withholdings and deductions that are to be kept in mind before calculating the payroll. Once the spreadsheet has all the desired information then it can be simply used to generate the Pay stubs. The template has an in-built calculation formula that automatically calculates the payroll for each employee.


Before we delve into using the salary formula to calculate various types of salaries, we must understand the distinctions between salary computation format. The table below provides an overview of the differences:


I downloaded the excel timesheet calculator, It works fine and great job

I my office my weekend is Sunday, but my office works for 5 hours in saturday and also i need to have sunday overtime in a separate column, can you help me in sort it out


The basic salary is the fixed amount to be paid to an employee in addition to any allowances or subtraction of any deductions. Bonuses, overtime, dearness allowance, etc., are not a part of basic pay. For more information about Basic Salary, click here.






Gross Salary is the salary amount, including all benefits and allowances, before any deductions. In simple terms, Gross Salary is the total of all the components of your monthly payout before any tax deductions. Gross Salary = Basic Salary + Allowances + Benefits. For more information on components of Gross Salary, click here.


The base salary is affected by some of the factors we mentioned at the beginning of this article. Location, for instance, affects salaries in a decisive way even if we are considering the same role. Costs of living are the main drive, as you can see from the following chart we created using the cost of living calculator from CNNMoney.


Based on the above, if you live in Miami with a salary of $40,000, a comparable salary in Manhattan would be around $83,322 just because the costs of living in New York City are much higher than in the Miami-Dade County area. However, a comparable salary in San Antonio, Texas, where the cost of living is lower than in Miami, would be around $30,769. Again, this calculator is useful in terms of providing an indication of how your salary will compare in different cities across the country, taking into consideration things like housing, groceries, utilities, transportation, and health care.


The template consists of the following sheets:

Setup - all the business & payroll settings for the template needs to be included on this sheet. This includes the business details, tax year dates, income tax rates, medical tax credit rates, list of earnings, list of salary deductions, list of company contributions and the list of departments. A column & row matrix which highlights incorrect column or row counts is also included at the bottom of the sheet.

Emp - add a unique employee code for each employee and enter data into all the employee information columns (columns B to K). Each employee needs to be linked to an income tax table and income tax rebate code which is used in the automated income tax calculations. The number of medical aid members is used in the automated medical tax credit calculations. The basic monthly salaries, annual bonus and salary increase amounts are used to automate the earnings calculations on the Payroll sheet. The deduction rate columns on this sheet can be used to override the rates on the Setup sheet for a particular employee. There is no limit on the number of employees that can be added to the template but the template has been designed for businesses with 50 or less monthly paid employees and due to the complexity of the calculations, the calculation speed of the template could slow down considerably if more than 50 employees are added.

Payroll - all the calculations on this sheet are automated based on the data which is entered on the Setup, Emp and Override sheets. All you need to do is to ensure that the Excel table on this sheet contains sufficient rows to accommodate all the employees that you have added to the Emp sheet. The Sheet Status at the top of the sheet will be highlighted in red if you need to add additional rows to the table.

Override - override any of the automatically calculated earnings, income tax, medical tax credits, salary deductions or company contributions values for any employee by adding the appropriate values to this sheet. You can override values for a single month or you can set the override end date in order to override values for multiple months or until the end of the tax year.

PaySlip - this sheet contains an automated monthly pay slip. All the calculations on this sheet are automated and you only need to select the appropriate pay slip number in cell G3 in order to view the appropriate pay slip.

Summary - this sheet contains a summary of all the monthly payroll data on the Payroll sheet. The sheet requires no user input and the data can even be filtered by department or individual employee by selecting the appropriate entries from the yellow cells at the top of the sheet.

MonthEmp - this sheet contains a monthly summary of payroll data by employee. All the calculations are based on the Payroll sheet and the sheet requires no user input. The appropriate measurement on which the calculations should be based can be selected from the yellow cell at the top of the sheet. Available measurements include gross pay, income tax, total deductions, net pay, total company contributions, total deductions & company contributions and total cost to company.

MonthDept - this sheet contains a monthly summary of payroll data by department. All the calculations are based on the Payroll sheet and the sheet requires no user input. The appropriate measurement on which the calculations should be based can be selected from the yellow cell at the top of the sheet. Available measurements include gross pay, income tax, total deductions, net pay, total company contributions, total deductions & company contributions and total cost to company.


A salary deduction code needs to be created for each type of salary deduction which will be deducted from employee salaries. These salary deduction codes need to be added to the Salary Deductions list on the Setup sheet. The salary deductions list includes 9 user input fields - the following information is required in each of these fields for each type of salary deduction:

Code - enter a code for each salary deduction and use a unique code which will make it easy to identify the appropriate salary deduction and to distinguish between the different types of salary deductions. The salary deduction codes are included above the column headings of all the sections on other sheets in this template where salary deductions are included.

Description - enter a description for each salary deduction. The descriptions that are entered in this part of the salary deductions list are included on the monthly salary pay slips on the PaySlip sheet.

Rate - enter the rate that needs to be used in the salary deduction calculation. The rate can be a value or percentage depending on the basis on which the deduction is calculated.

Basis - enter the basis on which the salary deduction needs to be calculated. There are three options - gross, fixed or linking the salary deduction to the earnings code of the appropriate single earning type on which the deduction needs to be based. If nothing is entered in this field, the salary deduction will be calculated based on gross income.

Earnings Inclusion - select the basis for including earnings in the salary deduction calculation. There are 2 options - full value if the full value of all earnings needs to be included and taxable if only the taxable value of earnings need to be included in the salary deduction calculation. The default option is full value which results in the full value of all the appropriate earning types being included in the salary deduction calculations.

Earn Exclusion - enter the earnings codes of all earnings types which need to be excluded from the salary deduction calculation. The appropriate letters of the earnings codes need to be included in this section without any spaces or special characters in between.

Earnings Max - if there is an annual ceiling (maximum) value which needs to be applied in the salary deduction calculation, this annual maximum earnings value needs to be entered in this field. All the values that are entered in this field therefore needs to be annual equivalents. The gross income which is used in the salary deduction calculation will then be limited to this amount.

Tax % - enter the % of the salary deduction amount which is deductible for income tax purposes. If no percentage is specified, the salary deduction is assumed not to be deductible for income tax purposes.

Annual Tax Limit - if the tax deductibility of the salary deduction is limited to a maximum annual limit (ceiling value), this maximum value needs to be entered in this field. If no value if entered, no limit is set for the tax deduction value. For example, pension fund contributions may be limited to say 350,000 per annum and this value therefore needs to be included for the pension fund salary deduction.

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