A payslip is a note which is given when an employee has been paid, detailing the amount to give, and the tax and insurance deducted. A payslip is required for many things such as loans, mortgages, finances etc. If you’re an employee then must be receiving a payslip from your employer every month, but if you’re self-employed then you need to create your payslip in order to provide proof of income when applying for finance or loans. A payslip contains all the important information such as net and gross pay, income tax deduction or any insurance deduction must also be mentioned.
Producing a payslip is not a difficult task when you have useful templates at a place. Download any payslip template from below to make your own payslip. Make sure to enter the correct & full information.
What is a Payslip?
A payslip is a document which shows the salary details or the amount that an employee has bee paid by an employer. A payslip is usually generated by companies, businesses, or employer for their employees at the end of every month. The purpose of providing a payslip is to let an employee know how much amount of amount he/she has been paid during the month and how much amount of month has been deducted in the form of taxes, insurance, for settlement of employee account.
This is how a payslip looks like;
As per the law, every employee must get a payslip. It is the basic right of an employee. As a company or business, you must generate payslips at the end of every month and give them to your employees. Use the templates available here to choose the right format & layout and then take print-out of payslip on a piece of paper or send a soft copy to the employees via email. Payslip serves employees as the basic salary document to track salary payments received by the company or business for preparing income tax return or for other purposes. A payslip is required whenever you apply for a loan or mortgage or finance.
What Should be there in a Payslip?
Payslip is required by the law, so there is a certain information that has to be included on a payslip. The following information or details must be included in a payslip.
Gross Pay: Total monthly, or weekly, pay before deductions.
Income Tax: This is compulsory. It is the amount deducted and paid to the Inland Revenue. The amount is calculated by using your tax code.
National Insurance: This is also compulsory and is the amount deducted and paid to the Inland Revenue.
Pension Contributions: This may be a company pension scheme.
Net Pay: This is the actual amount after all deductions that is paid to the employee.
Tax Code: This may be included on the payslip for your information.
Employee Number: This may be shown and is allocated by the company.
National Insurance Number: Not required but sometimes shown on the payslip.
Why is a Payslip Required?
A payslip acts as a proof of income. A payslip is required whenever you apply for a loan, mortgage, or any finance. That’s why it’s important for every individual to have a valid payslip. If you’re an employee then you must be getting payslip from your employer. If you’re self-employed then produce payslip using the templates shared here.
Download Printable Payslip Template Samples
A payslip is a very important note or document which every working individual should have in order to give proof of their income, whenever required. Use the templates shared above to produce a payslip. Hopefully, you will be able to create a payslip using the samples available here.
Keep checking Template Part for more useful templates in other categories, formats, and layout.