There are two types of gross pay – hourly and salaried. Calculating gross pay annually is shown as follows:
1. To calculate the annual gross pay, first find out a recent paycheck stub. This will help you to calculate your gross annual salary. ‘Gross’ would refer to the amount of wage you have earned before taxes or health insurance is deducted.
2. Then, what you have to do is find the items listed as gross income on your paycheck stub.
3. Next, when you are paid weekly, take the gross pay and multiply by four. The amount derived will be the gross monthly salary. Now, if this gross monthly salary is multiplied by twelve, the amount derived at will be your gross annual salary.
4. Or, when you are paid bi-weekly (every two weeks), take the gross income and multiply by two. The amount derived will be the gross monthly salary. Now, if this gross monthly salary is multiplied by twelve, the amount derived at will be your gross annual salary.
What should be there on a sales receipt template?
1. It should highlight the business name, address, contact information. It would look better if the company logo is added along with a ‘thank you’ note for the buyer.
2. It should also include the date when the transaction is taking place. Even the person who is selling the items, his name or number will be reflected on the receipt.
3. The receipt should also have the description of the item(s) purchased or the Universal Product Code generated from bar coding. This is done to track the item(s) sold, in what quantity and at what price.
4. The receipt should reflect the cost of the item, a subtotal, then a space to add state sales tax and finally, the total.
So, do not forget to take or give your receipt!
By Pinky Savika