Tuesday, May 23, 2017

What is a payroll check?

A pay cheque, also spelt pay check, is traditionally a paper document (a cheque) issued by an employer to pay an employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to the employee's designated bank account or loaded onto a payroll card. Employees may still receive a pay slip to detail the calculations of the final payment amount.

A payslip, pay stub, paystub, pay advice, or sometimes paycheck stub, is a document an employee receives either as a notice that the direct deposit transaction has gone through, or is attached to the paycheck. Each country has laws as to what must be included on a pay slip, but which would typically include details of the gross wages for the pay period and the taxes and any other deductions the employer is required to make by law; as well as other personal deductions such as retirement plan or pension contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.

https://paystubdepot.com/

How do you read a pay stub?

Look at the top of your pay stub. You will find basic information at the top of your paycheck stub, such as the name and address of your employer and the date that the paycheck was issued. You may also find information about the company that processes payroll for your company.
You will likely find the check number at the top of your paycheck stub. This is useful for entering into your financial records to track income sources and amounts.
If something is wrong with your paycheck, it will likely be the fault of the payroll company. Check with human resources if you spot a problem.


Find the area labeled “Gross Pay”. Gross pay is the total amount that you earned before any withholdings have been taken. The gross pay will usually be over a certain period of time, known as a pay period.

Any taxes or other withholdings will not be reflected in your gross pay.
A pay period will vary in length, depending on your employer. These pay periods may commonly cover weekly, bi-weekly, or monthly periods. Other pay periods are possible, however, not as common.

https://paystubdepot.com/