Did you know that each state has its own pay stub regulations? If you didn’t, you probably aren’t aware of the requirements in your state!
Now is a great time to start offering pay stubs to your employees.
Are you considering creating paycheck stub templates and aren’t sure where to begin? Learn what needs to be included in a payroll check stub template below.
What Goes on a Payroll Check Stub Template?
There is some necessary information that you need on a check stub template. Once you make the template, you can basically autofill the data for each payment.
Not only does this make paying your employees extremely easy, but it also makes it more efficient and faster to complete. You won’t have to worry about painstakingly filling out each employee’s pay information by hand!
Some of the things that you’ll want to make sure to include on your pay stub template are information about the employee, the payment amount, and deductions.
Name and Address
The employee’s name and address need to be on the pay stub. This ensures that the correct payment amount is going to the correct person.
It’s also required for tax purposes, so be sure that this information is correct.
This is how much the employee gets paid before any decreases, such as taxes, Social Security, or retirement contributions. In other words, gross pay is the amount that an employee is told they will make per salary divided into all pay periods.
It’s the total amount that an employee makes before anything is taken out.
The net pay is the total the employee is going to receive once those deductions are taken out. This is basically what an employee’s real paycheck looks like.
To figure out what an employee will actually be making, you would calculate the net pay to see how much they actually earn.
The federal taxes that are withheld depend on the employee’s tax bracket.
States have their income tax rates, but some have bracketed to have tax rates that are similar to those of the IRS. Others use a flat rate, and others still don’t even have state income tax at all.
In addition to that, some metro cities, like NYC, will set their local taxes used to cover local government needs and assistance.
If an employee has health insurance, dental insurance, life insurance, or any other benefits through you as the employee, they will likely end up contributing to them through their pay. This information needs inclusion on the pay stub template so that they understand why their pay has been deducted even further past taxes.
You also want to consider FICA, which is the contribution to Medicare and Social Security.
If you offer a retirement plan to employees, this contribution should also show up in the pay stub template.
Create Your Pay Stubs Today
If you’re an employer and have decided it is time to make your own pay stubs, now is a great time to get started. You can build templates that include everything you’d like, which might be the above information and more.
You can quickly fill and print your pay stub template online to make it easier! As an employer, you no longer have to take the time to put together each pay stub and can instead give your employees all of the information they need at one time.
Doing this sooner rather than later is a good idea to be sure that your employees understand their paychecks and can plan for their financial success.
It’s Time to Give Templates a Try
It’s time to create your payroll check stub template and give your employees the pay information they need!
Do you need some more business or financial advice for success? If so, don’t forget to check out other articles in the Business or Finance sections of our website.