What is a Pay Stub? Employees are given a pay stub along with their paychecks. The counterfoil allows the employee to confirm what funds were deducted from the gross pay to arrive at the final net pay figure. Continue reading!
- What are the 5 Lowest Paying Careers
- Best Careers For The Future
- What is the Easiest Job in America
- High-Paying Jobs in Dubai With no Experience
Elements of a Pay Stub
Each pay stub should have some fundamental characteristics that are similar to all pay stubs. Pay stubs usually indicate the amount per pay period as well as a year-to-date total.
Pay stubs typically include the following information:
Information in General:
The pay stub should include basic identifying information such as the employer’s name and address, the employee’s name and address, and the employee’s Social Security number.
The pay stub should specify the days for which the payments are made as well as the total number of hours worked.
This is the total amount earned in pre-tax dollars for the pay period. The employee’s gross compensation would be $300 if they worked 15 hours at $20 per hour.
You record the number of hours worked, the pay rate, any additional earnings, and any accrued time off.
Deductions for Taxes:
There should be a line stating each tax taken from the cheque, including federal, state, and unemployment taxes, as well as Social Security and Medicare withholdings.
Employee Benefits Deductions:
Show how much was taken from the employee’s pay in order for the employee to make various contributions to health insurance, health savings accounts, life insurance payments, and retirement contributions.
Deductions Made Voluntarily:
This line item on the pay stub displays the amount an employee chooses to withhold monthly, which could include a recurring charity gift.
Wage garnishments can include things like unpaid taxes or court-ordered child support payments.
- Online Jobs in Healthcare That Pay Well
- Best Online Jobs For Medical Billing And Coding
- Best Online Jobs in the Philippines
- Website to Find Caregiver Jobs
- Caregiver Jobs in Canada
The amount of money left over after all deductions for the employee.
Check out other unique articles on our blog for more detailed information and do well to share “What is a Pay Stub” with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.