When someone wants to make the most out of their time, they plan their schedule. They create an hourly schedule that will dictate how they can spend their time.…
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What is a Pay Stub?
A pay stub is a record of the salary, commission, and bonus of employees. It is a breakdown of the amount that will be paid to them. It is a good financial record where the employees can check their paychecks. It is a kind of financial statement or earnings statement. Pay stubs also contain details about taxes and other deductions. If you have health insurance premiums or retirement plan contributions, these will be stated in your pay stub. It also serves as a receipt that employers can give to you.
Pay stubs go together with your physical paychecks. Even a small business provides a pay stub to its employees. Everyone receives a pay stub, whether you are an employee or an independent contractor. Even self-employed have the right to get a pay stub that will detail their payment. Pay stubs are an important document that needs to be accomplished in a payroll. Some compute a pay stub through QuickBooks or Excel. Pay stubs can be given weekly or monthly. Without a pay stub, we can never be sure that we have been given the right payment for our work.
Benefits of a Pay Stub
Every employer provides a pay stub. This is also called a payslip or paycheck stub. Through this, you will know the money that can be credited to your account. It is proof of income that you are going to get. Many use pay stubs because they can give great benefits to a business. Below, you can learn some of the benefits that you can get from pay stubs. Read the following:
Tips on Pay Stub
It is a must that we understand our pay stubs. If we do, we know that we will receive the right amount that we deserve for our work. But how can we make the most out of our pay stubs? How can we be sure that we can get the benefits that we can have from it? Learn some of the tips that you can use for a pay stub.
How to Create a Pay Stub
Pay stubs provide insights into employees’ paychecks. But what are the things that you need to include in a pay stub? How can you create a pay stub? The following are the steps that you can do to create a pay stub:
1. Provide General Information
Pay stubs have general information about the employee and the employer. It has the name, address, and social security number of the employee. On the other hand, the company name and the business address are included in the pay stub.
2. Compute the Gross Wage
After getting a pay stub template, you can start computing the income of the employee. Start with the gross income. This is the amount that the employee has earned within the month or week. Calculate the total earnings. This is the amount before any taxes can be deducted.
3. Compute Deductions
After calculating the gross income, you have to compute the deductions that you should subtract from the gross income. This includes taxes, employee benefits, and other voluntary deductions. You have to put in detail all the deductions in the paycheck slip.
4. Provide the Net Pay
The net pay will be the take-home pay of the employee. This is the amount of gross income minus all the deductions. Be accurate in providing the net pay. Double-check your work to ensure that you are giving a right pay stub.
FAQs
How can you make a pay stub?
If you want to make a pay stub, you can refer to any pay stub generator or pay stub template that is available online. A pay stub example can help you so that your work will be easier.
Who should be given pay stubs?
Employers must know that they should give pay stubs to all employees. If they have independent contractors, they should give pay stubs to them also.
We should be aware of how to check our pay stubs to ensure that we are getting the right salary. So, a good understanding of a pay stub is important. Now, you have learned some things that improve your knowledge of pay stubs. Maybe you want to try our available templates that can help you in creating a pay stub. Download now!