An hourly pay calculator is a tool that is used for calculating the wages to be paid per hour. This calculator is an extremely useful tool for those people who are paid on an hourly basis. If you want to know how much you earn each year, you can use the hourly pay calculator.
Many small businesses offer a salary to their employees on hourly rates. Some businesses also get the options to decide whether to pay their employees hourly or monthly.
The hourly pay calculator is considered to be useful since it enables the user to make the final comparison between two pay scales by converting the salaries into hourly wages. The calculator is effective to use since it calculates everything so accurately without any possibility of error in results.
Many workers work on an hourly basis. Those workers are paid according to their rate per hour. The use of hourly paycheck calculator simplifies and accelerates the calculation.
What is the hourly paycheck calculator?
An hourly paycheck calculator is an Excel spreadsheet that is used to calculate the hourly salary of the employee. Many organizations pay employees on an hourly basis. These employees are mostly those which are not permanent.
Because of its usefulness, the hourly paycheck calculator is one of the most demanded calculation software that is being used in businesses these days. People are usually confused when it comes to calculating the hourly pay and the payment of overtime hours of the employees keeping the time in and time out in consideration.
Benefits of an hourly paycheck calculator:
There are plenty of benefits that one can avail by making use of this calculator. Some of the main benefits are:
- This calculator is very dynamic that enables the user to calculate everything related to paycheck no matter how complicated it gets.
- As soon as the time in and time out details are given in the calculator, it calculates the payment of all the extra hours given by the employee to the company.
- The process of calculation becomes faster and smoother and the accuracy of the calculation is also 100 %.
- The hourly pay calculator enables a person to know whether he is being paid a reasonable amount or not. In most of the states, there is a specific hourly rate required to be followed by every employer. The hourly pay calculator lets everyone know whether the employer is following the rules set by the organization or not
- The hourly pay calculator also enables the user to make a comparison between two pay scales. If a person gets a job offer from another employer, he can convert the salary offered by that employer into the hourly pay plus the benefits
- The user can easily determine how much he works for a company per week in total if he used the hourly pay calculator
Key elements of the paycheck calculator:
The main details that are added to this calculator are:
- The date of signing the check
- Per hour rates of the employee
- Gross pay of the employee
- Type of payment
- Frequency of pay
- Additional withholdings
- Details of anything which the employee is exempted from
- Mention the deductions from the pay
After filling all the required fields, click on the calculate button and it will calculate the required output. The template for an hourly paycheck calculator can be downloaded easily from the internet. This template is available in MS Excel format.
Hourly pay calculator template:
Hourly pay calculator template is available in MS Excel file format. Performing the calculations in MS Excel is considered to be easy since there are many pre-defined formulas in this spreadsheet. This template also represents the formulated results in the form of a graph that increases the understanding of the hourly pay a person receives. The user can easily use this calculator online effortlessly.
There are many built-in formulas in the template. These formulas make it easier for the user to calculate everything related to hourly pay. The user can also save the results and can view them anytime whenever he wants.
Hourly Paycheck Calculator
Format: Microsoft Excel 2007-2013
File Size: 23 KB