Salary Slip Template

Posted by: beautysaloon on: March 6, 2018

• In: Employee Tips | Slip Templates
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What is Salary Slip?

Salary slip is a white paper sheet in to record of an employee’s earning for the specific time period. In large and small companies the salary slip is given through the post, by hand in a week or in a month.

However, we do not give any importance to the salary slip. Because our apprehension is only with the money and the need we want to fulfill. This is also known as pay slip. The salary slip is given those person whose monthly allowances are known. This is given to the person whose salary and allowances fluctuate according to the number of hours he worked.

The salary slip is considered to be a legal document also. The employee is bounded to take his salary after declaration of the salary slip and the statement of incomes and deduction, if any.

Free Salary Slip Template

I have researched online to find a suitable Salary Slip Template and finally found One by PrintableTemplate.org,

 

Components of salary slip

The components of the salary slip also known as the indicators of the pay slip;

As above mentioned that pay slip is prepared to acknowledge the employee about the elements which are to be deducted and added to his salary. 

• Total number of working days

The employee is liable to get the salary only for the number of days he worked. Salary will be deducted for each day he/she missed the office. Every small and large organization strictly follow this practice.

• Total number of working hours

The total number of employees working hours will determine their salary package. If the worker works for the job prescribed duration he will be given his/her full salary and there will be no deductions.

• Official Holidays (Sunday, festivals, national days)

Official holidays do not deduct or adds to the person’s salary. They are officially announced and availed by the whole workforce.

• Basic salary

Normally a salary package offered to an employee is a combination of different components. The highest amount of the other elements like allowances added to the amount of the basic salary.

• Medical allowance

When organization assign an employee, they are liable to facilitate the employee. So they facilitate him with some allowances. So the medical allowance helps the employee to get benefit for the medical treatments. The amount of the allowance attaches to his basic salary amount with specific percentage. This allowance is taxable and the person will be liable to pay the tax. So the amount of the tax will be deducted from his salary. This deduction will be recorded on his pay slip.

• Residence allowance

As the employee got medical allowance, same as, he is offered resident allowance or house rent allowance. The company is liable to pay his house rent. So the company provides him House Rent Allowance. So the specific percentage of amount is added to his salary. This allowance is specified as HRA in salary slip.

• Conveyance Allowance

The company is liable to pay the employee conveyance allowance which an employee bears daily from coming to office and going back to home. The amount of the allowance is about 10% which is added to the salary.

• Tax deduction

As the employee get the benefit from the company. As it is, he is liable to pay the tax.  Because these all allowances are taxable that is counted as your wealth tax and will be deducted on behalf of the Income Tax.

• Provident Fund

Provident fund is the basically 12% to your salary that is totally under control of the government. You can invest minimum amount as company policy in PF as equity mutual funds regularly. That will be returned to you as higher amount.

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