A basic chart for keeping track of the hourly salaries of employees includes the annual salary, the amount paid each pay period, the hours worked each week and the hourly salary. This is the most straightforward way to understand hourly salary at a glance, says Intuit.Continue Reading
Before creating an hourly salary chart, it is important to understand how to figure out hourly salary, Intuit states. To calculate this, begin with the employee's annual salary. If this isn't available, multiply the amount the employee receives in each pay check by the pay frequency to determine the amount.
Next, figure out the hourly salary by dividing the annual salary by how many hours each year the employee works. For example, if the employee works 40 hours per week for 52 weeks out of the year, or 2,080 hours, divide the annual salary by 2,080 to determine the hourly salary, Intuit explains.
Follow the formula as many times as needed to figure out all of the hourly salaries for your employees. Add other data, such as state and federal unemployment taxes, social Security tax, Worker's Compensation cost and your portion of the employees Medicare tax, as desired to keep track of your payroll expenses, Accounting Coach explains. It is also important to keep track of employee benefits, such as sick leave and other paid time off.Learn more about HR