Microsoft Excel 3C: Payroll: Columns and Rows in Linked Worksheets

Calculating Payroll :

• At then end of each day a supervisor or manager or company accountant will add up all the wages for each employee and the cost for that particular day.
• Often this person will calculate the percentage of sales that wages have cost. For example if it cost a business $3,000 in wages for $10,000 in sales the wage cost is 30%. Businesses check these percentages regularly and try to get the percentages at certain goals.
• Employees need to be paid every 2 weeks or sometimes they are paid on the 15th or 30th of the month or at other intervals.
• The business is responsible for calculating each employees wages and also for calculating the amounts to be deducted from their paycheques.

Common deductions include the following:

• taxes
• employment insurance
• government pension
• company pension
• benefits
• union dues

Taxes:

• You need to prepare a tax return and calculate how much taxes you owe at the end of each year. It starts around 15% and goes up to about 45% of your wages, the more you earn the higher the percentage.
• Your employer takes a portion of your paycheque and sends it to the government.
• At the end of the year when you complete your tax return it may end up that you have paid a little too much or too little. Hopefully your employer has taken a little too much and you will get a cheque back for the difference from the government.

Employment Insurance:

• If you are laid off from your job you may be eligable to collect employment insurance until you can find another job.
• You usually can't get employment insurance if you are fired.Your employer takes a portion of your paycheque and sends it to the government. Your employer also has to contribute money themselves to the government.

Government Pension:

• Every citizen gets a small pension from the government when they hit a certain age if they have worked a certain amount of years, therefore your employer takes a portion of your paycheque and sends it to the government.
• Your employer also has to contribute money themselves to the government.

Benefits:

• Some jobs offer benefits for free like "free dental" or "life insurance" however sometimes you have to pay a portion or even all of the benefits. Your employer will take a portion of your paycheque to pay for these benefits.

Union Dues:

• If you belong to a union which represents you and fights for your rights, possibly even initiating a strike you must pay union dues.
• The union dues go towards running the union (paying people to run it, paying for the office building and advertising etc.) Union dues may also add up to a significant amount which can then be distributed to workers