Pay stubs also referred to as check stubs or payslips are written pay statements that show each
employee’s paycheck details for each pay period. Pay stubs itemize how much you are paid and show your total earnings for the pay period, deductions from the total, and your net pay after deductions.
Pay Stubs are important and useful documents for several reasons. Both employers and employees can benefit from having professional and accurate pay stubs. Pay stubs allow employees to ensure they are getting paid on time and correctly. Also, it is recommended to keep a record of your pay stubs because when tax filing season comes, the itemized information you have on your pay stubs will be necessary to help you file your taxes. Employees may also need pay stubs as proof of income when they apply for a loan, buy a home or rent an apartment.
So, having pay stubs is important and employers have a responsibility to provide their employees with detailed, quality pay stubs.
Follow this guide to create professional and accurate pay stubs in minutes:
Choosing an Online Pay Stub Generator
As a business owner, your time is precious. With so many tasks on your plate 24/7, providing your employees with pay stubs may feel like a burden but as we mentioned above, pay stubs are essential documents for you and your employees. Luckily, creating your pay stubs manually isn’t your only option. When it comes to creating pay stubs effectively and efficiently, an online pay stub generator is your answer.
If you are handling payroll on your own, using an online paystub generator can help you create professional pay stubs quickly and easily. Creating your pay stubs online with a pay stub generator will ensure that you are providing quality and error-free pay stubs to your employees.
Choose a Pay Stub Template
Online pay stub generators typically have several pay stub templates for you to choose from. When you use a template from an online pay stub generator, you can customize your pay stubs to fit the exact needs of your business. You can then use this template for all future pay stubs, ultimately saving you time and effort.
This means you have the ability to include/or not include information on your pay stubs such as last year-to-date values, additional income and deductions, and FUTA and SUTA if required. You can also include your company logo in order to add another level of professionalism to your pay stubs. Trying to configure all of this information into someone’s pay stub manually can be very confusing and time-consuming. However, adding this additional information onto someone’s pay stub is simple when you use an online pay stub generator.
Fill in the Required Information
Your company information will include your company name, Employer Identification Number (EIN), and company address. Your Employer Identification Number is the unique nine-digit number assigned to your business by the IRS. It is important you know this number and input it correctly into your pay stub template.
The information you will need is the employee’s name, social security number, wage rate, hours worked, and filing status (single or married). This information can be pulled from the W-4 or W-9 that you had them complete upon being hired.
Pay Schedule Information
The information in this section includes your payment schedule, pay period start/end, payday, and stub number. It is important to create a payment schedule and stick to it. This will eliminate any confusion your employees have about payday and it will make creating your pay stubs easier
When you use an online paystub generator, after you’ve entered in all of the required information, the payroll calculations will be handled automatically ensuring they are accurate
Review your Pay Stub
After you’ve completed entering in all of the required information on your pay stub template, you should review your work. It is important to review your work to ensure the information you input is accurate. This is extremely important because the impact of even the smallest error could result in a long list of issues. Also, making a correction online is far easier than on pen and paper. If all of the required information on your paystub is accurate then your payroll calculations will be accurate as well.
When you use an online pay stub generator, your payroll calculations and deductions will be handled automatically. The days of crunching numbers are no more! Having your payroll calculations completed automatically will save you time and give you peace of mind knowing the calculations are accurate. Online pay stub generators take all the guesswork out of calculating tax withholdings and make the process very smooth and trustworthy.
Keep a Record of Your Pay Stubs
Once you have previewed your finished pay stubs and are satisfied with them, you can either download and print them or even mail them directly to your employees and contractors. This is a huge benefit of using an online pay stub generator. Your employees will receive their pay stubs instantly after you’ve completed them. They no longer have to wait for checks to be distributed and make a trip to the bank to deposit their money. It goes directly into their account!
Also, having your pay stubs stored online makes for convenient record-keeping. When you use an online pay stub generator, your previous pay stubs will be stored securely within your account. Having all this information in one place allows you to view your paystubs anytime and anywhere. It also reduces the risk of having missing information.
Start Creating Professional Pay Stubs Today!
If you have the correct information and are using an online pay stub generator, creating the perfect pay stub is not difficult. 123PayStubs is an online pay stub generator that will help you create accurate and professional pay stubs in minutes and meet your IRS tax filing requirements with ease.