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A salary statement, commonly called a payslip, pay stub, paystub, pay advice, or sometimes paycheck stub or wage slip, is a document received by an employee that either includes a notice that the direct deposit transaction has gone through or that is attached to the paycheck.
Your paycheck stub serves as proof of income and government agencies, lenders and landlords often request them to verify your earnings.
Various levels of government require employers to withhold various types of income tax and payroll tax. In the United States, payroll taxes are used to support Social Security and Medicare costs while income taxes are used for other federal and state programs. [11]
Withheld income taxes are treated by employees as a payment on account of tax due for the year, which is determined on the annual income tax return filed after the end of the year (federal Form 1040 series, and appropriate state forms). Withholdings in excess of tax so determined are refunded.
It's essential to verify that each of your pay stubs contains your correct name, tax deductions, Social Security number, vacation balance and pay rate. In addition, you should make sure...
ROCK HILL, SC / ACCESSWIRE / December 28, 2020 / 123PayStubs is the most user-friendly pay stub generator on the market today.
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