What is Pay Calculation?

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Pay Calculation is a payroll term used to calculate pay. It’s a formula that calculates an employee’s gross to net income.

Calculating pay requires the following steps:

Determine the total time worked for the period in question
Calculate gross pay (before deductions & taxes)
Determine payroll deductions (insurance premiums, pension contributions)
Find the sum of payroll taxes (federal, state, local taxes, social security, medicare)
Subtract deductions & taxes from gross pay

Conclusion

Processing an employee’s pay correctly can be challenging without the latest information and the right experts who continue to monitor ever-changing regulations. Therefore, when it comes to employees’ pay, it’s important to be well-versed on all forms of payroll deductions and to explain how they work, while having a full understanding of the rules around the deductions.

For additional information, see terms entitled Gross-To-Net (GTN).

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