A pay stub is a document, which is generally given to the employees along with their paycheck attached to it on their payday. This document itemizes all the revenue made by employees during their work hour. This document displays the total earning of the employee during a particular period. This document should generally be attached with their paycheck and are given to the employees else if the payment is made directly to the employees’ account, then the pay slip is either given directly by the employer or printable online paystub is made available on the net.
It is preferable for employees to review paystubs and to maintain a physical or digital copy of it. It is a confidential document and can be proved useful for justifying statements relative to the pay. Certain inclusions make a perfect paystub and some of the following inclusions are:-
- A paystub displays gross pay which is the amount without any deductions made due to tax and medical care. It includes various taxes. The tax percentage varies from 10% to 39.6% and the taxes are charged after analyzing income.
- States have their own tax rates and some match with the system of IRS. Suppose a person is a resident of one state and seeks a job in any other state. So, in this case, the person’s income would not be taxed by both the states, it would be charged by one’s residential state.
- This document also includes deductions of insurance such as health, dental, vision, life, disability- and a person might contribute towards any of the insurance plans. It also contains FICA deductions that contribute towards societal Medicare.
So in short a paystub is a confidential document given along with the paychecks to the employees. It includes the total details of the pay of an employee during a specific period of time. It includes all the deductions made due to tax, garnishment charges, state charges and FICA charges.
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