The Importance of Pay Stub Templates
In a pay stub, information includes how much the employee has earned on a certain wage period and shows the amounts before and after tax has been deducted. There are many paystub options online that can help employees comply with state laws that require employers to provide pay stubs, whatever method they use for paying their employees.
What is contained in a pay stub are the basic data fields that show your earnings and deductions. You can delete stuff from the template that you don’t use. Employees can actually manage their account information online or through a mobile app so that they can print their own payroll reports.
You should know from your own state law what to include in your pay stub. In cases of dispute or in case you are audited, the pay stub will prove that payment was made. You should include all the items that your state requires in your pay stub.
Useful information should be included in your pay stub templates including number of hours worked during the pay period, year-to-date balances and paid time off taken. There are also times when the purposes of pre and post-tax deductions like medical insurance, commuter benefits, life insurance, or uniform fees, are included.
It is very easy to fill in the blanks of a pay stub template. This will ensure that you are documenting your employees’ gross earnings, deductions, and net pay correctly. Today, you will find many different pay stub templates that you can use for free which you can find online.
And you don’t only find pay stub templates online but also pay stub generators that allow you to input your pay stub data manually. Today, you will find many sites offering pay stub generators for a free trial so that you can choose the best one for your needs for a minimum cost.
The DOL requires that payroll information be retained for three years although there is no retention requirement for pay stubs. Tax documentation should be retained for four years as required by the IRS and six years for some states.
Check or cash are used by starting businesses to pay employees. It is important for these employers to have some kind of record of the payments they make to their employees including taxes and deductions. You can meet the requirements of the DOL if you have payroll documentation like pay stubs even if your state does not require it.
Using a payroll service can help you fulfill the requirements of your state to provide pay stubs to your employees. You can also use payroll software so that it will be the one to calculate and file payroll taxes and pay your employees through direct deposit or printed checks. This can also be used by your employees to print their own payroll reports and pay stubs.