In today’s article, we'll explain to you what pay stubs are, why they are important, and what sort of information should be included in them. We’ll also share some free pay stub templates.
What Is a Pay Stub?
A pay stub or paycheck stub is a document that contains all the information about employees’ earnings for a specific pay period. It’s provided by an employer, is generally accompanied by a paycheck or a direct deposit statement, and is usually issued weekly or monthly (based on how often employers pay their employees).
Why Do You Need Pay Stubs?
Whether an employer or employee, pay stubs can be extremely useful tools.
Employers can use pay stubs for:
- Tax purposes;
- Record keeping;
- Staying compliant with federal or state labor laws;
Employees can use pay stubs for:
- Verifying income when applying for loans or mortgages;
- Tax reporting;
- Understanding contributions and deductions;
- Ensuring they were paid correctly;
Pay stubs are a good way to foster a culture of transparency between employers and employees. They ensure both are in full legal compliance, provide a clean and clear pay record, and can contribute to a more positive working relationship and culture.
Now, before we share the free pay stub template, let’s review what sort of information an average pay stub includes.
What to Include in a Pay Stub?
Pay stubs can widely differ based on industry, specific needs of a company and its size, country’s laws, and much more. But, there are some details that are universal for most pay stubs and that every one of them should include:
- Employee details (full name, place of residence, social security number, etc.);
- Details about the employer (name of the company, registered address, etc.);
- Date of the pay period’s start and end;’
- The number of work hours (hourly rate could also be included);
- Any employee benefits or bonuses earned during the same pay period;
- Gross earnings;
- Any deductions (income tax, federal or state tax, etc.)
4 Free Pay Stub Templates
Free Simple Pay Stub Template
Free Pay Stub Template With Paid Time Off
Free Pay Stub Template With Overtime
Free Pay Stub Template With Overtime and Paid Time Off
DOWNLOAD FREE SIMPLE PAY STUB TEMPLATE WITH OVERTIME AND PTO
