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A pay stub contains all your income information, so it’s a great tool for tracking your salary, the taxes you’ve paid, insurance premium amounts, bonus information and vacation and overtime pay.
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.
Taxes. Various levels of government require employers to withhold various types of income tax and payroll tax. [10] 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.
ROCK HILL, SC / ACCESSWIRE / December 28, 2020 / 123PayStubs is the most user-friendly pay stub generator on the market today.
Specifically, residents of Puerto Rico pay customs taxes, Federal commodity taxes, and all payroll taxes (also known as FICA taxes, which include (a) Social Security, (b) Medicare, and Unemployment taxes). Puerto Ricans on the island paid over $4 billion in federal taxes in fiscal year 2021.
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