What's a Pay Stub?
A pay stub refers to a section in a paycheck that has details about an employee's pay. It lists the wages earned during the pay period as well as year-to-date payroll. A pay stub also displays taxes as well as deductions made on an employee's salary. Moreover, a pay stub displays the amount an employee actually receives, in other words, net pay.
You can hand your employees a printed or electronic pay stub. Some states require employers to hand out pay stubs. And the information that must be included on pay stubs varies from state to state. You can retain a copy of every payroll stub as part of your payroll records.
What's the purpose of pay stubs?
A pay stub paper has information both employees and employers can use. Pay stubs for employees act as records of their earnings. By going through their pay stubs, workers can ensure they were paid properly and know their deductions well.
Employers may use pay stubs to resolve discrepancies with employee earnings. If there's an issue with an employee's earnings, you may need to sort out the problem by referring to your payroll pay stub. Additionally, you may use pay stabs to complete Form W-2 for each employee during tax time.If you want to learn more about pay stubs, you can visit http://www.dictionary.com/browse/pay-stub.
What does a pay stub contain?
Pay stubs have details of wages of each pay period, such as the following, based on your own circumstances:
Gross pay (pay without deductions)
State taxes withheld
Federal taxes withheld
Local taxes withheld
Social security deduction
Retirement/pension plan contribution
Net pay (pay after deduction)
A pay stub can also show year-to-date amounts of gross and net wages and deductions.
If you've got questions about any of the things on your pay stub, check with your company HR department or manager for clarification. They will give you advice on your present deductions as well as how to change what's denied from your gross earnings.
Getting your own copy of pay stub
Copies of pay stubs are often needed for verifying employment or credit applications.
If you've not kept copies of your own pay stubs, try to see if it's possible to see them and have them printed from the employee area of your company site or from your employer's payroll service website.
If you're unable to find copies, ask the HR or payroll department of your company if they can give you copes of your pay stubs. Why you need to keep copies of your pay stubs here!