Free Pay Stub Template with Calculator

Generating accurate pay stubs is essential for maintaining financial records, verifying income for loans, and ensuring employees are paid correctly. This professional-grade pay stub calculator simplifies the process by automatically calculating gross pay, tax withholdings, and net take-home pay based on your specific rates and hours.

Employee & Period Info

Earnings & Deductions

COMPANY NAME
Earnings Statement

Employee: Employee Name
Period Ending: Date

Earnings	Rate	Hours	Total
Regular Pay	$0.00	0	$0.00
Overtime Pay	$0.00	0	$0.00
Gross Earnings			$0.00

Deductions	Amount
Federal Tax (0%)	$0.00
Insurance & Other Deductions	$0.00
Total Deductions	$0.00

NET PAY (TAKE HOME) $0.00

Understanding Your Pay Stub

A pay stub is a document issued by an employer to an employee that outlines the details of their pay for a specific period. Whether you are an employer, a freelancer, or an employee, understanding these components is vital for tax compliance and budget management.

Key Components of a Pay Stub

• Gross Pay: This is the total amount earned before any taxes or deductions are removed. It includes base salary, hourly wages, and overtime.
• Net Pay: Often called "take-home pay," this is the final amount the employee receives after all deductions are calculated.
• Federal Tax Withholding: The amount of money held back for federal income taxes. The percentage varies based on income brackets.
• Deductions: These can be mandatory (like FICA or state taxes) or voluntary (like 401k contributions or health insurance premiums).

Pay Stub Calculation Example

Suppose an employee works 40 regular hours at $30/hr and 5 hours of overtime at $45/hr (1.5x rate).

1. Regular Pay: 40 hours × $30 = $1,200
2. OT Pay: 5 hours × $45 = $225
3. Gross Pay: $1,200 + $225 = $1,425
4. Tax (at 15%): $1,425 × 0.15 = $213.75
5. Net Pay: $1,425 – $213.75 = $1,211.25