PAY STUB TEMPLATE is a document attached to or accompanying a pay-check as a record of gross earnings and deductions or in other terns we can define it as a document that affirms the direct deposit of wages and reports gross earnings and deductions. Also, A pay stub is a piece of paper given to an employee when he or she is paid stating how much money has been earned and how much has been taken sum for the things such as tax.
Pay Stub Template
In earlier days you had to get your pay as a check and the check would be attached to piece of paper that showed hours (or minutes whatever) you were being paid for, now of course virtually every one’s paid electronically and you get across to a company website with the pay information posted every payday on your account. But we still call it as pay stab or pay slip.
Pay stub and pay slip are same, but pay stub is a part of pay slip that gives to a employee when they have been paid, detailing the amount of pay given and tax and insurance deducted. There are two primary sources of employment:
- Self-employed: paid and pay taxes differently.
- Employed by an employer.
The sources of employment our family members have is salary and hourly wage, salary is a set amount of money not dependent on specific number of hours where as wage means earn a specific rate for every hour worked minimum wage should be given.
Free Pay Stub Word
There are three types of methods use to pay employees:
- Paper pay-check
- Direct deposit
- Payroll control.
Paper pay check: it is the most common method; employees are responsible for handling the pay-check and immediately see payroll stub and deductions.
Direct deposit: employees directly deposit employee’s pay-check in to the authorized employees bank account. Employees receives the pay-check stub detailing the pay-check deductions, most secure because there is no direct handling of the check and employees know exactly when pay-check will be deposited and available.
Payroll card: a payroll card is a electronically carries the balance of the employee’s net pay and funds are directly deposited by an employer in to an account at a financial information institution that is linked to the payroll card. Parties involved are employers, employees and financial institution. Use payroll card for ATM withdrawals or to make purchases.
Pay Stub Excel Format
Taxes are compulsory charges imposed on a citizen’s by local state, local government and federal governments. Used to provide public goods and services, largest amount of taxes of a person pays in her or his income.
Progressive taxes: take a large percentage of income from higher income tax payers and federal taxes.
Regressive taxes: as income tax payers income increases the tax remain same or decrease, higher income tax payers are proportionally charged less. Examples are medicare, social security and state sales taxes.
Proportional taxes: everyone pays income at same are regardless of income. Also, known as flat tax. Most state income tax are proportional taxes.
Internal revenue services: collects federal taxes, issue regulations and enforces tax laws written by united states congress.