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Your paycheck stub serves as proof of income and government agencies, lenders and landlords often request them to verify your earnings.
Withholding of tax on wages includes income tax, social security and medicare, and a few taxes in some states. Certain minimum amounts of wage income are not subject to income tax withholding. Wage withholding is based on wages actually paid and employee declarations on federal and state Forms W-4 .
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
The United States Internal Revenue Service (IRS) uses forms for taxpayers and tax-exempt organizations to report financial information, such as to report income, calculate taxes to be paid to the federal government, and disclose other information as required by the Internal Revenue Code (IRC).
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 your ...
ROCK HILL, SC / ACCESSWIRE / December 28, 2020 / 123PayStubs is the most user-friendly pay stub generator on the market today.