What Does a Pay Stub Look Like?

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What Does a Pay Stub Look Like?

What does a pay stub look like? If you’re paying an employee, you have no right to ask questions like that. You need to understand how a paycheck stub works and what they look like. Trying to fill them in without knowing what information is required can result in an error that will consume more time to solve in future. 

 

How Can You Obtain a W-2 from a Previous Employer?

 

What is a Pay Stub?

 

In most cases, a pay stub is being provided to the employees. It includes important information about an employee’s payment, such as wages earned for a pay period, important deductions, and the amount of money an employee takes home.

 

This information can vary depending on your state, while many states require you to give pay stubs to your employees. You should keep a copy of each pay stub for your own payroll record.

 

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Why are Pay Stubs Crucial?

 

The employees and employer can use pay stubs to record previous wages, but they can also make sure that the payments are accurate.

 

By seeing how their payment is broken down, employees can understand the tax deductions and know how much of their tax is going where.

 

If there is any difference between you and your employer, you can use the pay stubs to prove that they were paid equally. Employees can use the pay stub to help them complete their W-2 forms when completing taxes.

 

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What Does a Pay Stub Look Like?

 

Just because the exact information on a pay stub depends upon the state, pay stubs look different for each employer. They can be sent to the employees via mail or electronically, so the delivery method might also change how they look.

 

But every pay stub should have the same basic information like:

 

  • Company name
  • Employee’s name
  • Employer’s address
  • Employer’s contact number
  • Last four digits of your employer’s social security number
  • Start and end date of the pay period
  • Gross earning
  • Net pay 
  • Deduction
  • Total amount of gross salary, net salary and deduction made to date

 

When Should I Receive My W-2 Form?

 

Gross Earnings

 

An employee’s gross earnings are the total wages earned for the pay period before any deductions are taken out.

 

  • Hours Worked: A paystub should state how many hours an employee has worked during a pay period. If an employee has worked different hours, like overtime, work hours each time should be listed down on the lines of the pay stub.

 

  • Pay Rate:  An employee should have their hourly pay rate listed. Salary workers should have the total amount of wages that are due listed.

 

Deductions

 

Things taken out of an employee’s gross earnings, such as tax and benefits, are known as deductions. These taxes may include FICA tax, state income tax, local income tax and federal income tax. Each different type of tax should be listed down on its line and show the amount taken out. Benefits depend upon the company, but they could include retirement plans and health insurance.

 

Understanding Your Pay Stub & What does YTD Mean?

 

Net Earnings

 

This is the amount of money an employee gets to take home with him after all the deductions have been made. This is the amount you will write on a paycheck.

 

Conclusion

 

Now, with this blog, you’re done with asking yourself, “What does a pay stub look like?” In case you’re stuck up just go through this guide if you need help with pay stubs.

 

Creating Paycheck Stubs If You’re Self-employed

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