1981 paycheck stub
Paycheck stubs have changed over the years. The information you find on them will vary
depending on your state and the current IRS tax laws and what your own personal deductions are.
On this page you will see more than one example of paycheck stub
Some things you can expect to find on your paycheck stub are:
- REG - regular hours worked
- OT - overtime hours worked
- Holiday - holiday hours worked
- Vacation - vacation time paid for
- Sick - sick leave/time paid for
- FICA - Social Security paid
- Fed Tax - Federal Income Tax
- State Tax - State Tax
- City Tax - City Tax
- WKComp - workman's comp contribution
- Saving - money you are putting in savings
A more recent example of a paycheck stub
- Insurance/Medical - insurance you are paying for
- Life - life insurance you are paying for
- Christmas Club - another type of savings
- 401K/retirment - retirement contribution
- garnish - garnishment being taken from your check due to money owed
- Gross Pay - the amount of money you make before deductions
- Net Pay - the amount of money you make after deductions
- YTD - Year To Date
How to Create Business Paychecks
If you have your own business and need to print paychecks,
there are several ways to go about this. A larger company will have a staff that handles all payroll
issues and will probably use some type of computer program(possibly customized) to print out the
paychecks. A smaller company may have a person on staff to handle bookkeeping, accounting, and payroll
or they may hire an accounting firm or accountant. By hiring an accountant, you can get the professional
services you need without some of the overhead (no benefits, no social security, no office space). You just
pay the fee they require.
Another option is to purchase one of the many software products that are out there today
that are designed to help the small business owner with a variety of accounting needs. You can create
invoices, keep track of inventory, create payroll and paychecks, keep track of purchases, write checks,
and find all kinds of reports that will help you with your business and its growth.
Another example of a paycheck stub
Why Do You Give Employees a Paycheck Stub?
What use is a paycheck stub? They aide your employees in several ways.
- Loan Applications - By using the numbers on a paycheck stub, your employee's bank can help determine
their ability to handle a loan.
- Assistance Applications - By using the numbers on their paycheck stub, government agencies and
others can determine whether or not your employee qualify for types of assistance such as food stamps, reduced
or free school lunch, and Medicaid.
- Budgeting - By keep track of what they are are making, it can help your employee
to prepare a budget
- Keeping Track of Hours - If your employee works for an hourly wage, they can make sure they are getting
paid for the hours they put in.
- Keeping Track of Overtime - A lot of companies will record the amount paid in overtime
separately, so again, your employee can make sure they received credit for hours worked.
- Filing taxes - Your having the information about your employees salary throughout the year
helps you to create W-2 forms.