When you have been employed before, you must be familiar with paycheck stubs. It is the piece of of paper that comes along with the amount of money you that you earned for the services that you have rendered. Nowadays, electronic direct deposits are done to pay employees while pay stubs are still given as a notice that the direct deposit is being made.
For most businesses, paycheck stubs are necessary too keep track of all the transactions made and the paid work done by the employees. We have gathered some pay stub templates that can be downloaded, printed, and used for any businesses, both big and small. Feel free to check the templates here and more on our website.
Printable Paycheck Stub Template
Blank Paycheck Stub Template
Free Paycheck Stub Template
Uses of the Paycheck Stub
- Present income details. Employers don’t have to talk to employees one by one in order to explain how the payment for the work done is being calculated because it is all indicated in the paycheck stub.
- Proof of income. Paycheck stubs are often required by various government agencies as proof of income to determine tax returns and qualifications for benefits.
- Tracking of income. Paycheck stubs are a reliable way to keep track of all the details of the income earned such as salary, taxes paid, bonuses received, insurance premiums, and overtime pay, as well as vacation pay.
- Applying for loans. Lenders and landlords need the borrower’s or tenant’s paycheck stubs to validate the person’s ability to pay the required amount.
- Applying for financial aid. A paycheck stub is used by parents when filling out their child’s college financial aid form. This will help determine the amount of aid that should be given to the student.
Even though electronic payments are already commonly used nowadays, paycheck stubs are still useful because of the reasons stated above. Do not forget to check out our check stub templates as well.
Sample Paycheck Stub Template
Pay Roll Paycheck Stub Template
Components of a Paycheck Stub
Aside from the necessary details such as the name of the employee the salary is being paid to, there are other important information that should be included in the paycheck stub.
- Number of hours rendered. Most jobs are rated on an hourly basis, so the total number of hours worked during the time period in which the payment is being made should be indicated along with its rate.
- Amount paid to the employee. Multiplying the total number of hours rendered with its corresponding rate gives you the gross income the employee earned or the amount that should be paid to the employee.
- Breakdown of taxes paid. The amount of deduction made to the gross income for taxes should also be indicated in the paycheck stub as it is mandatory by the government.
- List of various deductions. Other than taxes, deductions such as medicare, insurance, social security, and others should be stipulated in order to establish how the net pay came to be.
Each of these components is used for specific applications based on the uses of the paycheck stub. As a whole, it provides comprehensive information to whatever purpose it may serve.
Also, take a look at other templates available on this site, such as our blank check templates.