A pay stub, also known as a paycheck stub or pay slip, is the document that itemizes how much employees are paid. You will receive a pay stub for each pay period. It shows your total earnings for the pay period, deductions from the total, and your net pay after all those deductions. Show Key TakeawaysA pay stub or paycheck stub includes:
What Is Included on a Pay Stub?Pay stubs include the details of each pay period's wages including the following, depending on your personal circumstances. Note
If you have questions about any of the items on your pay slip, check with your manager or company’s Human Resources department for clarification. They can advise you on your current deductions and on how to make changes to what is withheld from your gross pay. How To Calculate Your Net Pay There are websites you can visit to calculate the deductions that will be withheld from your pay to estimate the amount of take-home pay in your paycheck. Paycheck calculators help you determine how much money will be withheld for taxes, FICA, health care, retirement, etc. If you’re entitled to overtime pay, you can also use these calculators to figure out how much extra money you can expect in your check. Here are a couple:
These tools can also be useful for tax planning purposes, too, allowing you to check your withholdings against their recommendations. You may discover that you’re deducting too much or too little from your check, and change your withholdings accordingly. How To Change Your Withholding TaxWhen you start a new job or want to change the amount of tax that is withheld from your paycheck, you will need to fill out a W-4 Form. This will tell your employer how much money to deduct from your check for taxes and benefit contributions. It’s a good idea to sit down with your spouse prior to filling out the form, so that you can determine the correct withholdings. The IRS also offers a free tax withholding estimator tool, linked above, to help you avoid paying more at tax time. Why You Might Need Your Pay Stub A pay
stub may seem unnecessary, especially when your net pay is the same paycheck after paycheck. But there are situations when you may need your paycheck slip:
How To Get a Copy of Your Pay StubIf you haven't saved copies of your pay stubs, check to see if you can view and print them from the employee section of your company website or from the payroll service site that your employer uses. If you can't locate copies, ask the Payroll or Human Resources department of your employer if they can provide you with copies of your pay slips or a login to access them online. Frequently Asked Questions (FAQs)What are things you should look for on your pay stub?It's smart to periodically review your paystub to make sure it's accurate. When you review, check that all of your personal details are accurate, that the period the check covers is correct, and your hours worked, gross pay, all deductions (including for taxes and health or other benefits), and your net pay are all accurate. If you discover issues, contact your manager or your company's payroll or human Resources departments. What does YTD mean on a pay stub?"YTD" is short for "Year-to-Date" and it is the total for a given figure since the beginning of the year. On your pay stub you are likely to see YTD summaries for gross pay, net pay, taxes, and other deductions. Tracking YTD for federal taxes can help you confirm whether the right amount of tax is being withheld from your pay. |