Free Payroll Report Template | Types, Tools, & Steps

payroll report template

Payroll report templates make things easier by doing the math for you, saving time and preventing mistakes. Employees benefit because they get accurate pay based on their hours worked.

Here are some of the basic free payroll report templates you can use for your small business, 

🔽 Download Weekly Payroll Report Template

🔽 Download Monthly Payroll Report Template

🔽 Download Quarterly Payroll Report Template

🔽 Download Yearly Payroll Report Template

Employees can quickly get detailed reports showing work hours, overtime, deductions, and their net pay. It helps them focus on important tasks, such as analyzing data trends, instead of doing manual math.

These templates help track costs and simplify budgeting even for companies with fixed monthly wages. Businesses can see trends, plan expenses, and decide where to spend money. 

Moreover, companies can make informed decisions regarding resource assignment and financial planning.

Payroll templates aren’t just about calculations and budgets; they also ensure honesty, accuracy, and following tax rules. This protects businesses from getting in trouble with the law.

These reports break down all costs related to employees, like wages, benefits, and taxes. This helps businesses find ways to save money, manage staff better, and spend money wisely.

When it’s audit time, detailed payroll reports clearly show everything so businesses can prove they follow the rules and avoid problems. 

Plus, payroll reports help with taxes by organizing what’s taken from paychecks and what companies contribute. This makes tax time less stressful and ensures everything’s done right.

Additionally, payroll reports streamline tax preparation by organizing relevant information, such as taxes withheld from employee paychecks and employer contributions. 

Payroll reports give clear information about how much a company spends on paying employees and trends in compensation. By looking at these reports, businesses can decide on things like changing salaries or giving bonuses, staying competitive in the market.

Moreover, these reports help businesses follow the rules by accurately keeping track of payroll costs, taxes, and other deductions. They show a detailed picture of what each employee earns, what gets taken out, and what taxes they owe, making the financial side of employment clear.

Additionally, payroll reports make it easy for companies to report to the government on time and without mistakes, making sure they meet their tax responsibilities and avoid getting fined.

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What is a Payroll Report?

A payroll report is a detailed document showing how much employees get paid at a company. It breaks down their wages, taxes, deductions, and final pay over a period, like every week, two weeks, or month. This report is super important for small businesses to handle payroll correctly and follow tax rules.

In the report, you’ll find important things like gross pay, which is how much an employee earns before any deductions. 

Then, there’s adjusted gross pay, which is what’s left after taking out things like insurance and retirement contributions. 

Finally, you see net pay, which is what employees actually get in their pockets after all deductions.

Nowadays, small businesses can use digital payroll software like Buddy Punch to make payroll reporting easier. Thus, reducing saves time and reduces mistakes. 

What is a Payroll Summary Report Template?

payroll report template

The payroll summary report template is your go-to document for comprehensive insights into your employees’ compensation details. Packed with crucial information like overtime payments, withheld taxes, hourly rates, total hours worked, and vacation payments, this template offers a bird’s-eye view of your payroll landscape. 

It helps streamline the process of managing employee timesheets, human resources, and payroll checks.

It serves as a tool for cross-checking financial information and verifying tax liabilities.

Imagine having all your payroll data neatly organized in one place, allowing you to effortlessly ensure accuracy and compliance. 

Whether you need to generate a time card, pay stub template, or payroll budget template, these Excel payroll template offers a free and easy-to-use solution for businesses of any size, including those managing freelancers, on a bi-weekly pay schedule.

Types Of Payroll Summary Report Templates

payroll report template

There are a few types of payroll summary report templates; let us discuss them below.

1. Payroll Summary Report

A payroll summary report gives a clear picture of how employees are paid. It’s flexible, serving individual workers, specific departments, or the whole company. This report doesn’t stick to one time frame; you can look at it monthly, quarterly, or yearly.

In this report, you’ll see all the money details. It breaks down the total pay, including extra hours and bonuses, and shows what’s taken out for taxes and other things, leaving you with the final pay.

Moreover, workers have the right to see this report under the Fair Labor Standards Act (FLSA). 

2. Detailed Payroll Report

The detailed payroll report gives a complete picture of how much employees, departments, or the whole company have been paid over time. It’s like a chart showing all the payments made each day.

It also shows the total number of hours employees have worked and the amount of money they’ve earned, including taxes taken out. This helps businesses see how productive their workers are. 

For instance, if employees are working a lot but not producing much, it might mean they need more training or a change in how they work.

In these situations, businesses can train their employees better or change their processes to be more efficient. 

3. Tax Liability Payroll Report

The tax liability payroll report clearly shows the taxes taken from employees’ paychecks, covering federal and state income taxes, plus payments to programs like Social Security and Medicare.

Additionally, it shows the total sent to the government and any pending amounts. This transparency helps companies stick to tax rules and avoid fines for late or wrong submissions.

These reports are usually done yearly or quarterly, following tax rules. They include various forms like;

  1. Form 940 (annual payroll report under FUTA)
  2. Form 941 (quarterly payroll report under FICA and federal income tax)
  3. Form W-2 (yearly payroll summary for employees)

Businesses need to know local tax laws well for accurate reporting. Using these reports helps streamline tax processes, reduce mistakes, and keep finances in order.

4. Employee Summary Report

The employee summary report helps by clearly displaying employee payments and personal information, making payroll management and productivity evaluation easier.

First, the report details employee payments, including hourly rates, tax deductions, and other financial information. Moreover, it includes key personal details like names, addresses, and work hours of each employee.

Furthermore, it summarizes each employee’s total work hours and tasks done. Hence, comparing employees’ total hours worked to work completed gives insights into efficiency. It also lets employers decide whether to proceed with that employee or not.

5. Retirement Payroll Report

Retirement payroll reports track what your employees put into retirement plans like 403(b) or 401(k). It makes sure retirement money is handled correctly.

The main job of this report is to check if the money taken from employees for retirement is sent to the right retirement plan. It ensures employees’ money is looked after properly.

Suppose employees have questions about their retirement contributions. In that case, this report shows a clear breakdown of contributions and transactions so issues can be fixed quickly.

6. Paid Time Off Report

The paid time off (PTO) report tracks employees’ leave balances and usage effectively. It provides insights into the amount of time off taken by employees over a specific period, helping businesses plan their staffing needs accordingly. 

Additionally, the PTO report calculates any pending unpaid PTO hours

You can simply use a payroll software like Buddy Punch to extract PTO payroll reports instantly.

7. Employee Compensation Report

Employee compensation reports provide a clear overview of all payments employees receive. Small businesses find these reports invaluable when looking for insurance.

When hiring an insurer, these reports detail all worker payments, helping assess insurance needs. By knowing these payments, businesses can calculate premiums accurately. This ensures they get the best coverage without overspending.

8. Payroll Service Charge Report

This tool helps businesses track their financial exchanges with payroll service providers. It offers transparency and accountability in financial transactions. 

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Common Payroll Report Templates

Payroll templates are of four types. Read along to learn about them.

1. Weekly Payroll Report Template

Weekly payroll reports are made for each work week. They show how much employees earn, what was taken out, and how much they get paid each week.

These reports are set up to make it easy to put in important details like employee names and ID numbers. They also have sections for how many hours each person worked, their hourly rate, how much they made before deductions, what got taken out, and net pay. It’s easy to fill in and understand.

These templates can handle a lot of employee information. They’re made to work for many employees at a time and can handle even more as a business grows. If everything’s organized well, they can handle a big workforce without a problem.

A weekly payroll report template makes sure payroll calculations are correct, saves time by doing things automatically, and clarifies what employees are getting paid and why. It also helps keep businesses in line with rules and makes it easier to follow them.

With these templates, businesses can automatically track work hours, which means fewer mistakes and no need for manual entry. They also help calculate deductions, like taxes and insurance, using set formulas and rules, ensuring that everything is correct and follows the law.

🔽 Download Weekly Payroll Report Template

2. Monthly Payroll Report Template

The monthly payroll report template helps you determine how much to pay your employees each month, ensuring they get the right amount.

This template has lots of benefits. It helps keep your payroll information organized, making you less likely to miscalculate. Plus, it saves time by doing some of the math for you so you can focus on other things. Moreover, it shows employees exactly what they’re getting paid and why.

Using the monthly payroll report template also helps with budgeting. You can see how much you spend on labor and how it changes over time. This lets you plan better for the future and make smart decisions about your team.

🔽 Download Monthly Payroll Report Template

3. Quarterly Payroll Report Template

The quarterly payroll report template aims for organized finances. This template gathers important information about employee pay and company contributions over three months. It clarifies payroll activity, showing earnings, deductions, and overall financial status.

Businesses collect data on the number of employees, their contributions, and earnings to generate quarterly reports. This includes details like hours worked, wages, taxes, and any extra deductions. By studying this data, businesses can see how efficient their payroll system is, find areas for improvement, and make smart financial decisions.

🔽 Download Quarterly Payroll Report Template

4. Yearly Payroll Report Template

A Yearly Payroll Report Template is a detailed document that shows how much an employee earns and what is deducted from their pay over a year. 

It includes their name, the number of hours they work each day, and the amount they are paid per hour. This template adds up everything an employee earns, subtracts taxes and other deductions and shows what they end up with as their final pay for the whole year.

The benefit of using this template is that it puts all the important information about an employee’s pay in one place. Businesses can use it to keep track of what their employees earn. 

The yearly payroll report template has blanks for each employee’s name, hours worked, and pay rate. This information is important for determining each employee’s annual salary. 

🔽 Download Yearly Payroll Report Template

Can I Generate a Payroll Report on Automated Software?

Automated software solutions like Buddy Punch make generating payroll reports easy. They eliminate the need for manual calculations, saving you time and reducing the risk of errors. 

It works by inputting your payroll data, and the software will generate comprehensive reports with detailed information on gross pay, deductions, net pay, and tax liabilities. 

This not only improves efficiency but also ensures accuracy in your payroll reporting. Additionally, automated software often comes with customizable templates, allowing you to tailor reports to meet your specific business needs. 

Best Software to Generate Payroll Reports

Several software applications are available in the market to generate payroll reports. Let’s discuss the top ones..

1. Buddy Punch

Buddy Punch simplifies payroll by streamlining time tracking, attendance monitoring, and payroll calculations. For this reason, it is trusted by businesses of all sizes across various industries. 

Moreover, its intuitive interface allows employees to clock in and out effortlessly using their smartphones or computers, eliminating manual timesheets.

What sets Buddy Punch apart is its ability to automatically calculate accrued vacation, sick, and owed time, saving businesses valuable time and resources. With customizable reporting features, employers can easily generate detailed payroll reports to track employee hours, overtime, and pay.

Compared to manual methods and other payroll solutions, Buddy Punch offers unparalleled efficiency and accuracy. Additionally, Buddy Punch’s customer support team is always on hand to assist, making it a hassle-free solution for busy entrepreneurs.

Whether you’re a small startup or a large enterprise, Buddy Punch offers a cost-effective way to manage payroll effectively. 

Here are some of the best features offered by Buddy Punch.

1. Fully Integrated Time Tracker For Payroll Management

Buddy Punch offers a comprehensive solution for payroll reporting, seamlessly integrating time tracking with payroll calculations. Employers don’t have to manually input the data and struggle with spreadsheets. 

With Buddy Punch, you can effortlessly track employee time, including regular hours, overtime, vacation time, and sick leave, all in real time.

2. Automatic Payroll Tax Filings and Payments

Automate taxes and forms

Buddy Punch automatically calculates and files taxes on the employer’s behalf, ensuring accuracy and compliance with state and federal regulations. Companies can focus on running their business without worrying about missed deadlines or costly penalties.

It integrates seamlessly with the company’s payroll system, syncing employee data and hours worked to calculate the correct tax amounts. 

Once payroll is processed, the system automatically generates and submits tax filings, taking care of everything from withholding to remittance.

Additionally, Buddy Punch stays up-to-date with the latest tax laws and regulations. The system ensures that payroll taxes are always filed accurately and on time, regardless of changes in legislation.

3. Accurate and In-Depth Data For Payroll Insights

Buddy Punch’s integrated time tracking system ensures that every employee’s work hours are carefully recorded, providing a comprehensive view of payroll data. From regular hours to overtime, vacation time, and paid time off, Buddy Punch precisely captures it.

But it’s not just about collecting data; it’s about turning it into actionable insights. 

With Buddy Punch, business owners gain access to intuitive payroll reports that offer a deep dive into their workforce’s time and attendance patterns. Employers can know who’s been working extra hours and track trends in time-off requests.

4. Payroll Automation With Quick Import For Employee and Contractor Payments

Reimport Time into Payroll: Submit Payroll

With Buddy Punch’s Quick Import, businesses can automate payroll with just a few clicks. 

Step 1: Review employees’ work hours and time off in the intuitive payroll dashboard. 

Step 2: Sync employee time with a few simple clicks. 

Step 3: Review data with ease. 

Step 4: Submit, and your team’s pay is on the way!

Buddy Punch automates payroll for employees and extends this convenience to contractors. By importing employee payment data quickly and efficiently, contractors can ensure timely and accurate compensation for the entire workforce.

Buddy Punch takes care of the tricky calculations, deposits, and filings.

5. Employee Self-Service Feature For Accessing Pay Stubs, W2s, Or 1099 Forms

Buddy Punch includes the Employee Self-Service feature for accessing pay stubs, W2s, or 1099 forms. This powerful tool empowers employees and streamlines HR administrative tasks.

Buddy Punch eliminates the need for endless HR emails and manual document distribution. This feature enhances employee satisfaction by providing quick access while reducing the burden on HR departments. 

Furthermore, Buddy Punch ensures security and confidentiality by offering paperless paydays with direct deposit options. 

Employees can rest assured that their sensitive financial information is securely stored and easily accessible only to authorized personnel.

6. Expense Tracking For Various Payroll Elements Like Regular Pay, Bonuses, Commissions

With Buddy Punch, businesses can effortlessly track expenses related to different payroll components. Whether it’s regular paychecks, bonuses for exceptional performance, or commissions for sales achievements, Buddy Punch’s expense tracking feature keeps everything organized and transparent.

Managers can access detailed reports that provide insights into expenditure patterns, helping them make informed decisions about budget allocation and resource management.

Furthermore, Buddy Punch’s expense tracking extends beyond basic payroll elements, including additional expenses like reimbursements, group life term payments, and severance packages. 

7. Detailed Payroll Reports For Effective Decision-Making

Reports

Buddy Punch offers a user-friendly interface, allowing users to generate detailed payroll reports easily. These reports include crucial information such as total hours worked, overtime, paid time off, etc. By accessing this detailed data, businesses can gain a deeper understanding of their payroll expenses and identify areas for improvement.

Moreover, businesses can make strategic decisions to optimize their workforce and reduce costs. For example, identifying employees who consistently work overtime may indicate a need for better workload distribution or additional hiring.

Buddy Punch’s payroll reports are fully customizable. Whether companies need to track hours by department, location, or project, Buddy Punch’s reports can be easily customized to provide the necessary insights.

How do I Make a Payroll Report? Method to Make a Payroll Report on Buddy Punch

  1. Sign Up Buddy Punch Free (14 Day Trial).
  2. Start by clicking Reports in the top navigation followed by Payroll Export.
  3. Select A Pay Period, Location, Department, or Position Codes.
  4. And Run Report once done.
  5. After employee data populates, click the Export option followed by your export option.
  6. When you make your selection, the report will be immediately downloaded to your specific downloads folder.

Buddy Punch’s Online Reviews

As of the writing date, Buddy Punch has 4.8 out of 5 stars and 967 reviews on Capterra.

Buddy Punch has 967 reviews on Capterra with 4.8 stars

Below, we’ll list just a few reviews that speak to Buddy Punch’s ease of use and great customer support service. (Click here to explore the full list of reviews.)

“We needed a new solution for timekeeping and Buddy Punch came through! Onboarding and integration was so easy. Once I figured out all the setting options, it’s really easy to customize exactly what you need. Employees love using it because it’s so straightforward to use.”

Click here to read the full review

“BuddyPunch has been very helpful and I am glad my organization made the switch from our previous tracker to BuddyPunch. As mentioned earlier, the ease of use of BuddyPunch is what separates it from a lot of competitors.”

Click here to read the full review

“Easy to clock in from anywhere and still manage how much time you’ve worked in a day. Easily tells you when you’ve gone past 8 hrs, and also great for seeing when your team members are clocked in or out.”

Click here to read the full review

Try Buddy Punch for Free

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If you feel that Buddy Punch might be the right fit for your business, sign up for a 14 day free trial (no credit card needed). You can also book a one-on-one demo, or view a pre-recorded demo video.

2. Quickbooks Online

QuickBooks Online makes payroll and reporting easier. Businesses can manage payroll, track time, and handle HR tasks smoothly.

Key Features

  1. Automated payroll processing
  2. Tax calculation and filing assistance
  3. Same-day direct deposit option
  4. Time tracking integration
  5. Seamless accounting data connectivity
  6. Employee benefit management
  7. Payroll tax penalty protection
  8. Customizable payroll schedules
  9. Accessible workforce app for employees
  10. Comprehensive payroll reports and analytics.

Currently, Quickbooks Online has 4.3 out of 5 stars and 6461 reviews on Capterra.

“Incredibly easy to use as long as you don’t need the help desk. Let’s do everything from timekeeping, to payroll, invoicing, taxes, expenses and reporting.”

Click here for a full review.

3. Rippling

Rippling makes payroll easy by doing tax calculations and filings automatically, so you don’t have to worry about getting it wrong. It follows all the rules for federal, state, and local taxes. 

With Rippling, you can handle payroll for everyone in your company, from figuring out how much they should get paid to giving them their pay stubs.

Key Features

  1. Automated payroll tax calculations
  2. Error-free payroll processing
  3. Mobile app for employee access
  4. Compliance with tax and labor laws
  5. Customizable payroll reporting
  6. Integration with time and attendance systems
  7. Benefits administration synchronization
  8. Role-based permissions for data access
  9. Flexible pay run options
  10. Global payroll capabilities.

As of today, Rippling has 4.9 out of 5 stars and 3041 reviews on Capterra.

“Rippling is so far very comfortable to ADP. I believe rippling has a few features that are far better than it’s competitors. I would highly recommend it.”

Click here for a full review.

4. Paycor

Paycor is a tool to help leaders and HR teams manage their workforce better. It makes HR and payroll tasks easier, from hiring to managing employee benefits.

Key Features

  1. HR & Payroll Software
  2. Talent Acquisition
  3. Talent Management
  4. Workforce Management
  5. Benefits Administration
  6. Expense Management
  7. Analytics
  8. Onboarding
  9. Recruiting
  10. Compliance Support

Currently, Paycor has 4.4 out of 5 stars and 2778 reviews on Capterra.

“Exceptional. The staff I’ve worked with has all been so kind and supportive. The product is wonderful!”

Click here for a full review.

5. Hubstaff

Hubstaff is a useful tool for businesses to track employee hours and manage payroll. It makes it easy to create accurate timesheets and pay employees on time, without any extra fees. 

You can use Hubstaff on your computer, phone, or tablet to track your work hours and tasks easily.

Key Features

  1. Detailed reports
  2. Custom payment frequencies
  3. Support for different currencies
  4. Automated clock-in/out
  5. Employee scheduling
  6. Proof of work with customizable screenshots
  7. Expense tracking

As of now, Hubstaff has 4.6 out of 5 stars and 1464 reviews on Capterra.

“Excellent CUSTOMER SUPPORT in setting up the software.”

Click here for a full review.

6. 7Shifts

7Shifts are made just for restaurants. It makes restaurant work easier by helping with staff schedules, communication, time-off requests, tasks, and payroll.

Restaurants that use 7Shifts can:

  • Make scheduling simpler
  • Spend less money on labor
  • Follow labor laws
  • Manage their team’s time and tasks better.

Key Features

  1. Simplified employee scheduling
  2. Streamlined team communication
  3. Efficient time-off request management
  4. Standardized shift task assignment
  5. Labor cost reduction tools
  6. Compliance with labor regulations
  7. Tip and wage management
  8. Insights for making informed operating decisions
  9. Enhanced team engagement tools
  10. Comprehensive reporting capabilities

As of writing this, 7Shifts has 4.7 out of 5 stars and 1166 reviews on Capterra.

“My managers and employees love it.”

Click here for a full review.

7. Justworks

Justworks is a one-stop HR software for small businesses. It handles payroll, benefits, compliance, and offers human support all in one place. 

It makes HR tasks easier, manages payroll efficiently, ensures compliance with regulations, and gives expert support when you need it.

Key Features

  1. Integrated payroll processing
  2. Benefits administration
  3. Compliance management tools
  4. Access to human support 24/7
  5. Flexible payroll options
  6. Global employment outsourcing (EOR)
  7. Scalable solutions for businesses of all sizes
  8. Document filing and storage
  9. Expertise in payroll processing and tax filings
  10. Remote expansion support and simplified tax season.

Currently, Justworks has 4.6 out of 5 stars and 720 reviews on Capterra.

“My overall experience with Justworks is the best and it is very detailed. i wouldn’t trade it for anything else.”

Click here for a full review.

Steps From Payroll to Report Generation

Let us discuss the complete process of payroll report generation in detail.

1. Collect Necessary Information

employee information

To begin the payroll process, gather all essential employee information including individual employee payment details, payroll records, and timesheets. 

Utilize tools like Microsoft Excel, Google Sheets, or free payroll templates available in Google Docs to streamline this process.

2. Calculate Net Pay

Using the collected data, calculate net pay, including considerations for overtime hours, payroll deductions, and tax withholdings. 

Employ payroll registers and templates, whether in Microsoft Excel or Google Sheets, to ensure accuracy and efficiency in these calculations.

3. Transfer Payment

After calculating net pay, transfer the payments to employees through their preferred method, keeping thorough payroll records for each pay period.

4. Generate Report

Generate comprehensive reports for record-keeping and annual reporting purposes. These reports may include payroll sheets, payslips, and annual reports tailored to the specific needs of the business. 

Utilize Microsoft Excel or Google Sheets to create customized reports that meet the company’s requirements.

5. Withholding Payments

Ensure timely and accurate payments to the IRS, managing tax forms, and ensuring compliance with payroll needs. Maintain payroll records and reports to streamline the process and avoid penalties.

6. Payroll Entries to Accounting System

Finally, integrate payroll entries into the accounting system to maintain seamless workflow and accurate financial records. This integration ensures that all payroll transactions are accurately reflected in the company’s financial statements and annual reports.

By following these steps and utilizing tools such as payroll registers, timesheet templates, and free payroll templates, small business owners can efficiently manage their payroll needs while ensuring compliance with tax regulations and reporting requirements.

What is in a Payroll Report?

Payroll Report

A key to knowing about Payroll templates is to learn about what lies in them. Let’s explore.

1. Gross Pay

Gross pay is the total amount an employee earns before any deductions. To calculate it, you multiply the hourly wage by the total hours worked, including any extra time, bonuses, or other earnings. 

2. Adjusted Gross Pay

Adjusted gross pay is what’s left after various deductions from an employee’s total pay. These can include insurance costs, retirement savings, medical bills, and union fees.

3. Net Pay

Net pay is what’s left after taking out all the deductions from an employee’s gross pay. It’s the actual amount that goes into the employee’s bank account or is given as a paycheck.

4. Taxes and contributions

Taxes and contributions are various amounts taken out of an employee’s pay before they get it. These include federal and state income taxes, Social Security fees, and Medicare payments. Knowing about taxes and contributions helps businesses handle payroll well and follow tax rules.

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Why Do You Need Payroll Templates?

Payroll templates reduce the countless hours spent each week manually calculating employees’ pay and reduce errors in the payroll process. The benefits of using payroll templates are as follows;

  1. With a payroll template, you can accurately track your employees’ hours and ensure they are properly compensated for their time. By automating calculations, you can avoid underpaying or overpaying your staff.
  2. Manual payroll calculations are prone to errors, resulting in costly mistakes and unhappy employees. Payroll templates come with built-in formulas and rules that reduce the risk of computational errors, ensuring accurate pay every time.
  3. With a payroll template, employers can easily track submitted timesheets and upcoming pay dates. This helps them stay organized and ensures that payments are processed on time.
  4. Moreover, you can easily monitor your company’s payroll budget and track expenses. This lets you make informed decisions about hiring, bonuses, and other financial matters, helping you stay within budget and maintain financial stability.

Instead of creating a payroll system from scratch, you can use ready-made payroll templates designed to streamline the process. This can save you hours of time and effort.

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