There is a particular day in a month that employees are always looking forward to, notwithstanding for holidays and their birthdays. This much-awaited day is popular because it’s the day when employees can monetize their hard work for the past couple of days. We call this day, pay day. Before pay day, employees would receive a pay stub that shows how much salary they’ll receive on pay day. A pay stub is an important document that employers must provide to every employee.
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What Is a Pay Stub?
A pay stub goes by different names. It is also called a paycheck, payslip, salary statement, or wage slip. This document provides an outline of an employee’s pay details every pay period. In the United States, the federal government does not require companies to provide a pay stub to their employee, but certain state laws require a written statement of their pay. The Fair Labor Standards Act also requires employers, whether they are independent contractors or small businesses, to provide a tracker of hours that an employee has worked. Pay stubs come in different forms and sizes. That is because every company uses their preferred pay stub or payslip template.
Pay stubs are usually printed on a clean sheet of paper. Every employee is provided a printed pay stub containing the breakdown of their earnings for a specific pay period. In the present, pay stubs can now be accessed from an online portal or sent through email. Digital pay stubs were made possible with the availability of online programs and applications that are designed specifically for making pay stubs easily accessible. It’s ideal to send pay stubs before employees receive their salaries or cash payments. This is done so that any disputes can be catered before the actual payday.
How To Make a Pay Stub
Pay stubs are important documents, but they’re pretty simple to make. The hard stuff is more on the calculations, so that you would need a paycheck calculator for that. But if your task is more on the template design and content, you’ll just need to know a couple of basic steps. Here are simple steps that will show you how to make a pay stub template.
1. List the Details to Include in the Template
The task will be easier if you know what to put in the pay stub template you are about to make. It’s essential to have a detailed template where you can show the breakdown of an employee’s earnings. But it’s also a good thing to make a template according to your preferences. The list of details will help you make a good layout design for your template.
2. Decide on a Method to Use
How do you want to make your template? You can use an Excel spreadsheet or a Word document to make your template. There are also applications with pre-made templates that you can use or one that allows you to make your template. Whatever method you choose is fine. Just make sure that you know how to use it, and you’re comfortable using it.
3. Check Out Templates for Reference
If you know what to put in the template, then making the actual document will be easy. But if you have little to no idea what a pay stub looks like, then you should check out both pay stub samples and templates as your reference. Payslip samples and payroll samples also help.
4. Choose a Layout Design
Arrange the details according to how you want them to be. Take note that they have to be logical, or the arrangement has to make sense. It is best to use a simple design that will not confuse the reader.
5. Build Your Ideal Template
Start building your template by putting all the details together. Revise or make changes until you are satisfied. Make sure to save the final modifications and name your file accordingly. This is so that you can easily find it when you need to use it.
Why should an employer provide a paystub?
Providing a pay stub has certain advantages to both employer and employee. Employers need to create employee reports about their employees’ taxes and support it with the required documents, such as printed pay stubs. The pay stubs also help employers resolve disputes or discrepancies in an employee’s salary. For the employee, having a pay stub allows them to understand how their pay is calculated and helps them become aware of certain deductions. Employees can also use it as a proof of income.
What information is included in a paystub?
In a sample pay stub, you will usually find the following information:
- Pay period
- Employee name
- Hours worked
- Gross pay
- Net pay
- Contributions of employer
- Direct deposit information
A pay stub should be created in a way that allows employees to understand how their salary is computed. It must display essential information that makes up an employee’s salary so that they can use it effectively when the need arises. Preparing customized company pay stubs will help you streamline your company’s payroll processes.
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