What Is Salary Slip, and Terms Used in Salary Slips
Salary Slip is a documentary proof of paying, and receiving salary. Salary Slip can be use as proof of Tax paying, and getting loan from banks, and other institutions. Various other organizations also ask for salary slip as proof of your salary on previous job.
Salary Slip is known with various other name in different parts of the world. Most famous names are the following:
- Payslip
- Wage Slip
Various types of salary slips are being used in companies, and organizations with different formats, and items included in the salary slip.
Applications Salary Slip
Many more applications based on Oracle, PHP, ASP, MS Access, Java are available in the market. Various simple tools are available to make salary slips with auto calculations like MS Excel, and word, Open office etc. You can find Salary slips in excel, and word formats with auto calculations on below links.
Salary Slip in Excel with Auto Calculations
Payslip in Excel with Auto Calculations
Sections in Salary Slips
Payments Section
Deductions Section
Payment section includes
Basic Salary
Co mission
Incentive
Fuel & Transport
Travel Allowance
House Rent
Medical Allowance
Special allowance
Others
Gross Salary
Deductions section includes
Tax
Advance/Loan
Security
Club Services
Terms used in the salary slip
Note On Salary Slip
Salary slip is a single page document that lists the details of the salary of an employee. Details depend on the type of contract between the organization, and the employee. A salary slip is mostly in the form of a table because it is easy to understand. Salary slip contains the details of the employee, and his/her type of contract. After that, a complete break up of salary is mentioned as it was mentioned in the contract. For example, transport allowance, medical allowance, phone allowance, insurance policy, deduction from advance salary (if an employee received salary in advance), tax deductions, and in the end, a total salary that an employee will receive is mentioned. In addition, if a company pays some percentage from company profit, it is also written. If an employee was given loan based on his request, the deductions are also mentioned on the salary slip according to the loan agreement.
In a salary slip, gross salary, and net salary both are mentioned. Gross salary is the salary from which tax is not yet deducted. When tax is deducted from gross salary, it becomes net salary, and this net salary is received by an employee
