Taxable Income Payroll Report

TAXABLE INCOME PAYROLL REPORT

Prepared by: [Your Name], Payroll Department


I. Employee Information

Employee Name

Employee ID

Department

John Doe

00123

Sales

Jane Smith

00456

Marketing

Michael Johnson

00789

Finance

Emily Brown

00234

HR

David Lee

00987

IT

Sarah Adams

00678

Operations

II. Earnings

Description

Amount ($)

Regular Salary

5,000

Overtime

500

Commission

1,000

Bonus

300

Sales Incentive

200

Total Earnings

7,000

III. Taxable Benefits

Description

Amount ($)

Health Insurance

200

Company Car Usage

100

Housing Allowance

150

Cell Phone Allowance

50

Total Taxable Benefits

500

IV. Deductions

Description

Amount ($)

401(k) Contribution

500

Health Insurance Premiums

50

Dental Insurance Premiums

30

Vision Insurance Premiums

20

Total Deductions

600

Deductions can be either pre-tax (deducted before calculating taxable income) or post-tax (deducted from taxable income).

V. Taxes Withheld

Tax Type

Amount ($)

Federal Income

1,200

State Income

300

Social Security

350

Medicare

80

State Disability

25

Total Taxes Withheld

1,955

These withholdings ensure that employees meet their tax obligations throughout the year.

VI. Net Pay

The Net Pay section represents the amount of money an employee receives after all deductions and withholdings have been subtracted from their gross earnings. It provides a clear picture of what the employee takes home:

Description

Amount ($)

Net Salary

4,945

Net pay is the actual income available to the employee for personal expenses and savings after accounting for all financial obligations to the employer and government authorities.


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