Tuesday, May 30, 2017

What is found on a pay stub?

A pay stub, also known as a paycheck stub or pay slip, is the document that itemizes how much employees are paid. You will receive a pay stub for each pay period. It shows your total earnings for the pay period, deductions from the total, and your net pay after deductions.

When employees are paid with a paper check, the pay stub will be attached to the paycheck. If employees are paid by direct deposit to their bank account, the pay slip should be available online to print if a paper copy isn't provided by the employer.

What is Included on a Pay Stub?

Pay stubs include the details of each pay period's wages including the following, depending on your personal circumstances:

Gross pay (pay before deductions)
Federal taxes withheld
State taxes withheld
Local taxes withheld
Insurance deduction(s)
Medicare deduction
Social Security deduction
Retirement or pension plan contribution
Wage garnishments
Net pay (the amount you receive after deductions)
The pay stub may also include year-to-date totals of gross and net earnings and deductions.

If you have questions on any of the items on your pay slip, check with your manager or company Human Resources department for clarification. They can advise you on your current deductions and on how to make changes to what is withheld from your gross pay.


What is the meaning of pay stubs?

A pay cheque, also spelt pay check, is traditionally a paper document (a cheque) issued by an employer to pay an employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to the employee's designated bank account or loaded onto a payroll card. Employees may still receive a pay slip to detail the calculations of the final payment amount.

A payslip, pay stub, paystub, pay advice, or sometimes paycheck stub, is a document an employee receives either as a notice that the direct deposit transaction has gone through, or is attached to the paycheck. Each country has laws as to what must be included on a pay slip, but which would typically include details of the gross wages for the pay period and the taxes and any other deductions the employer is required to make by law; as well as other personal deductions such as retirement plan or pension contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.