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What is a Paycheck Stub?
A Paycheck Stub is a document that showcases wages earned for a certain period, along with personal taxation, deductions, contributions, and other details. This record informs the employees how their earnings have been calculated. Generally, the paycheck is attached to the pay stub or delivered digitally.
How to Make a Paycheck Stub?
Below are the steps for making a paycheck stub:
- Step 1: Insert basic information for both the employee and employer.
- Step 2: The form will give you a basic questionnaire about the employee’s earnings and current pay date and period.
- Step 3: Enter the employee’s earnings and the deductions in the particular column.
- Step 4: Click on Preview & Checkout.
- Step 5: Download your stub.
How Long Do You Keep Paycheck Stubs?
In the case of an Employer, Record-keeping differs from state to state. Employers are determined to keep their financial records for at least three years.
This helps businesses keep a track record of their expenses and ensure that the financial records are authentic.
In the case of Independent Contractors and employees, it is generally advisable to keep your pay stubs with you for at least 12 months or until you file your annual tax.
You will need your pay stubs to precisely fill in your W-2 forms and Social Security Contributions to ensure you are paying the right amount of tax.
Also, See: Pay Stub Maker
