What is a paystub? What details does my paystub contain?
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Last modified 6/3/2020 10:32:24 AM EST |
Added by 123PayStubs Team
A pay stub, payslip, or paycheck stub are all the same thing. It is a document that itemizes how much employees are paid for the pay period and year-to-date total. To be precise, it shows the total earnings for the pay period, deductions, taxes, and net pay after deductions.
Pay stubs can be helpful in several ways. The financial information in it could help verify your taxes and types of contributions. Also, you can show paystubs as proof of income letter for loans or rentals and for calculating and verifying your year-end taxes.
A pay stub will have basic information like the company name, employee details, social security number (SSN), and work location. In addition to these, here are a few fields that are mostly included on a pay stub:
- Pay period and pay date
- Pay rate and hours worked
- Gross wages that include wages owed to the employees before deductions are taken out
- Net pay that is the total amount employee receives after all kinds of deductions
- Additional earnings like bonuses or overtime hours
- Deductions can include Voluntary deductions like health insurance and retirement savings plan such as 401(k) & Taxes (federal withholdings, and state taxes where applicable)
- Employer Contributions like FUTA, SUTA, Medicare
- Direct deposit information
- Wage garnishments to pay off your debts (for example, child support payments).
- Back pays that is when your employer owes you a certain amount of pay because of adjustment to your employment (hourly to a salaried employee and vice versa).