If you had a nickel for every time you had to calculate something in the restaurant business, you could retire comfortably. Crunching numbers is a big part of owning a restaurant, however, so it’s a necessary duty. But if you want to save money, there are a handful of free calculators you can get online.
Below, you’ll find a guide to where you can find those calculators and how to make the most out of them.
A vacation pay calculator will let you know how much you owe an employee for their paid time off (PTO). These calculators — some of the more basic calculators you can get online — take the vacation time your employees have accrued, multiplying it by their hourly rate. are.
Naturally, employees expect to get paid for the vacation time they earn. For many people, this time is the only opportunity they get to take an extended weekend. Without vacation time, employees are more likely to burn out, causing quality issues.
TimeSheets has a good free vacation pay calculator you can use, allowing you to calculate for both hourly and salaried employees.
Online payroll calculators give you the tools necessary to calculate someone’s payroll. Payroll calculators like this will take the hourly rate and multiply it by the number of hours below the overtime rate the employee has worked. These calculators usually also provide information on taxes.
As much as employees enjoy paid vacation time, they take for granted they will be paid accurately for the hours they work. Confirming those hours lets you keep your employees paid and happy. It also means you will be meeting government regulations on paying your employees the wages in their contract.
PayrollGuru is one free online payroll calculator app that you can use on your phone. This payroll calculator contains a breakdown on all 50 states. You can also find different settings depending on the deductions you can take.
A CRA online payroll calculator calculates payroll rates and taxes specifically for the Canadian Revenue Agency. These calculators take the payroll deduction formulas based on territorial, provincial, and federal guidelines. CRA calculators allow your employees to create a temporary statement of earnings.
CRA calculators are of no use outside of Canada. If you try to use them to calculate your United States taxes, you’ll find them ineffective. However, they can be handy tools to estimate the payroll on a case-by-case basis.
The official Government of Canada website has a Payroll Deductions Online Calculator (PDOC). This works as a free CRA online payroll calculator that you can share with your employees. However, this PDOC only works outside of Quebec. You’ll need to go to this other link if you want a free CRA online payroll calculator for Quebec.
An overtime calculator will help you calculate the rate of overtime pay and the relevant tax rates. Most overtime calculators are for employee use, meaning that restaurant owners will need to think backwards when paying overtime.
In many countries, overtime pay is a legal requirement. Typically, overtime starts after someone exceeds 40 hours a week. However, some states and provinces allow for bi-weekly overtime limits of 80 hours. Refer to your local guidelines for more information.
Overtime is often calculated at time and a half. This means if you work for $50 an hour, your overtime rate is $75 —1.5 times the hourly rate. Salaried employees do not get overtime but might have special opportunities for earning extra vacation time.
For a free overtime calculator that works for everyone, Omni Calculator has you covered. It allows you to insert data that varies depending on your location. As a result, it’s pretty flexible.
A payroll deductions calculator allows you to find out the tax deductions you can take out regarding payroll. These deductions include retirement contributions, insurance, income taxes, and various state, provincial, or city taxes. Your payroll deductions vary heavily depending on where you live.
Required payroll deductions differ depending on your country. In the United States, you need to pay social security taxes at a bare minimum. Other required and conditional deductions include 401(k) contributions, wage garnishments, health insurance, and child support payments.
In Canada, your required payroll deductions include employment insurance, federal income tax, pension plan contributions, and whatever the local provinces and territories require.
Deductions include a combination of pre-tax and post-tax contributions. To estimate them, you can use the free payroll deductions calculator on 360 Financial Literacy.
A tip calculator for restaurant business owners calculates the amount of taxes that you need to pay on tips. Depending on where you live, tips are taxed differently than income. Because restaurant servers often receive tips, it’s important to distinguish between hourly wages and tips in your calculation.
In the United States, tips are considered a part of income. Because of this, servers typically end up being paid below the minimum wage. Owners justify this by saying that the other half of their paycheck comes from tips. In Canada, on the other hand, servers make minimum wage.
Despite this, tips are considered a part of income. So, for employees who report this income, it falls under the standard payroll calculator you can find above. However, owners need to consider how sales tax fluctuates depending on how much money they receive for a sale.
If you are looking for a free tip calculator that considers how sales tax changes as a result, SaleCalc provides some good data.
Using payroll software that automates your calculations can help you save money and time. This prevents you from needing to hire additional staff or wasting time on payroll. Instead, you can leave those calculations to systems that do it for you.
Push Operations is a complete tool for automating your payroll process. If you don’t want to waste your time with seven free tools, you can use one complete tool. Rather than jumping between different locations, you can go to a single dashboard.
Push Operations also provides additional tools for HR, employee onboarding, and scheduling. For a complete solution to everything you need to manage your employees, check out Push Operations today.
“In the labor numbers, we were reporting about a $300 to $400 difference than what we were getting through Push!”
-Tara Hardie, ZZA Hospitality Group, 16 locations
