Do you remember when you received your first real paycheck? If you do, you may also recall that the amount you actually received was somewhat less than you originally anticipated. Providing your employees with a pay stub sample can help clear up a lot of confusion and possible disappointment when it comes time for them to receive their first paycheck.
Some of the items that may appear on the pay stub include:
Hourly Rate. This is the amount of money the staff will make for each hour worked.
Hours Worked. This is the total amount of hours the employee has worked in a given pay period.
Amount Paid. This area should reflect the exact amount of money the employee has earned during the pay period.
Year to Date Earnings. This section shows the cumulative amount of money the employee has earned thus far in the calendar year.
Gross Pay. Gross pay is the amount of earnings before deductions.
Net Pay. Net pay is the amount of money the employee will receive after all deductions have been applied.
State and Federal Income Tax. This section shows the employee the amount of money that has been deducted to pay for income tax.
Social Security and Medicare. Social security and Medicare taxes withheld (this amount is usually matched dollar for dollar by the employer).
Insurance. Insurance could include items such as health and dental insurance, life and disability insurance, and insurance for workman’s compensation should the employee become injured during the course of employment.
Retirement. Although most first time employees will typically not pay into a retirement plan, older employees might notice deductions for either their retirement pension or a 401k plan.
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