What Is a Paycheck Stub? Your Questions are Answered Here
What is a paycheck stub? If you’re new to the business, this is a question you’ve likely encountered. Click here for a detailed answer!
Because of the effects of the COVID-19 crisis in the economy, many have become unemployed now. Some have no choice but to get new jobs, so they can survive this crisis. A recent survey says 49% of Americans expect to live paycheck to paycheck this year.
So what is a paycheck stub? How do they work? Keep reading to learn about using a paycheck stub and how to read it.
1. What is a Paycheck Stub?
First, let’s address an important question: what is a paycheck stub?
A pay stub or paycheck stub is the part of the paycheck that contains the details about an employee’s pay. It lists down the wages earned in a pay period, taxes, and other deductions. It contains a summary of how your total earnings got distributed.
A typical paycheck stub has three sections. The first section shows your total earnings from the pay period, including overtime. It will include the hours worked and pay rate as well.
The next part includes taxes, deductions, and contributions. If you have benefits like health insurance, you can also see them here. The deductions are taxes and deductions after tax like disability insurance.
It also includes withholding, which refers to the money your employer needs to take out of your paycheck on your behalf. That includes state and federal income taxes, Social Security, and worker’s comp.
The final part has your net pay or the amount of money you take home after all those deductions.
2. How Does a Paycheck Stub Work?
You may want to understand how a paycheck stub works. For the first and most important reason, you or your employer can use it to settle issues with employee pay.
If you get paid with a paper check, it’ll often come with a paycheck stub. If your employer pays you via direct deposit to your bank account, you get an online copy of your pay stub online.
You can use it to understand the deductions made to your wages too. You can also use it to compute what you earn per pay period. When it’s time to fill out the W-2 form for your taxes, you can also use your paycheck stub.
3. Why you Need a Paycheck Stub
There are many reasons why you need a paycheck stub and more why you need to learn how to read one. Have you ever doubted the computation of your pay? If you have, you only need to look at your pay stub to see how the payroll department did it.
Pay stubs verify your employment and salary history. You’ll need to have a copy of your most recent pay stub when you apply for a loan. Banks and lenders will ask you to bring proof of employment, and that’s often your latest pay stub.
It’s also useful if you want to change new jobs but are unsure about the new salary offered to you. You may enter an interview for a new job and get asked how much you expect to earn. Use your last pay stub as a basis of how much you were earning before.
Note that it’s illegal in some states for employers to ask for the prior salary of candidates in job interviews.
Make it a habit to keep your paycheck stubs. You can use it to confirm the deductions in your paychecks or verify your salary.
4. What are Common Wage Deductions?
Some wage deductions you’ll see on your paycheck stub may include:
- Federal income taxes
- State income taxes
- Social Security
- Health savings accounts
- Retirement savings plans
- Flexible spending accounts
The federal government takes a portion of your income from every paycheck. This is your withholding tax, which gets managed by the IRS. Depending on where you live, your state may not need to collect state income tax.
Every working American also needs to give a part of their paycheck to Social Security. The federal government also obliges all working US citizens to contribute to Medicare. If you have a 401K plan or other retirement savings plans, a part of your salary goes to your retirement account.
These are only some of the deductions to your wage. These deductions from your gross pay are automatic. These deductions often come in codes on your paycheck stub.
You need to know how to check and compute these deductions to know if you’re getting and contributing the right amount.
5. How and Where to Get a Copy of your Paycheck Stub
You can use a copy of your paycheck stub for a credit application or as a verification of your employment. If you don’t have any copies of your paycheck stub with you, you can get one from your employer. You can also use the company’s website or a payroll service site your company uses.
If you can’t find it, ask the Human Resources or Payroll Resources department. They may provide copies of your paycheck stubs or give you login access to the site. If it’s a small business, and it doesn’t have a website, talk to your employer.
If you’re a first-time business owner, you can create one or use a paycheck stub template. If you have a pay stub from work you’ve done before, you can imitate their layout or use it as a basis for your template. The important thing is that it shows the vital information we discussed earlier on it.
Get to Know How a Paycheck Stub Works
What is a paycheck stub? We hope we provided the answers you seek and that you picked up something useful from this guide. We also hope you understand the information on your paycheck stub better now.
Do you have more questions about your paycheck stub? Are there other concerns you have about how you can bring up discrepancies with a paystub? Check out our other guides for more answers.
Embracing the Elegance of Glass Roof Terraces: A Guide to Transforming Your Outdoor Experience
Picture yourself basking in the sun, surrounded by panoramic views while enjoying the comfort of your own home. Glass roof terraces or Glasdach Terrassen (in German) have emerged as a captivating solution to revolutionize outdoor living spaces, blending the allure of the outdoors with the coziness of the indoors.
In this blog post, we’ll delve into the world of glass roof terraces, exploring the benefits, design considerations, and essential tips to elevate your outdoor living experience. So, let’s embark on this journey together!
The Intrigue of Glass Roof Terraces: A Dance of Light and Space
Glass roof terraces are a contemporary innovation that combines the functionality of a terrace with the sophistication of a glass enclosure. Here are some key features that set them apart:
- Transparency: The glass roof creates an open, airy atmosphere, allowing natural light to stream in while offering unobstructed views. Compared to a lamella roof, a glass roof e.g. always ensures incidence of light.
- Versatility: Glass roof terraces can be tailored to suit various architectural styles, accommodating both traditional and modern homes.
- Weather Protection: The glass roof shields your outdoor space from the elements, enabling you to savor the outdoors in all weather conditions.
The Charm of Glass Roof Terraces: A Symphony of Benefits
Embracing a glass roof terrace comes with a myriad of advantages that enhance your outdoor experience:
- Extended Living Space: By enclosing your terrace with a glass roof, you create a seamless transition between your indoor and outdoor spaces, effectively expanding your living area.
- Year-Round Use: The glass roof’s weather protection capabilities enable you to relish your outdoor space throughout the year, irrespective of the season.
- Increased Property Value: A well-designed glass roof terrace not only boosts your home’s aesthetic appeal but also potentially enhances its resale value.
- Energy Efficiency: The influx of natural light can help reduce your reliance on artificial lighting, lowering your energy consumption and utility bills.
Designing Your Glass Roof Terrace: Crucial Factors to Ponder
To create a captivating glass roof terrace, consider the following aspects:
- Structural Integrity: Consult with an engineer or architect to ensure your existing terrace can support the weight of a glass roof, and comply with local building codes.
- Glass Type: Research the different types of glass available, such as tempered, laminated, or insulated, to determine the most suitable option for your needs and climate.
- Ventilation: Incorporate a ventilation system or operable windows in your design to prevent overheating and maintain a comfortable atmosphere.
- Privacy: If desired, explore options for privacy-enhancing solutions, such as tinted glass, frosted finishes, or strategically placed plants.
Conclusion: Unleashing the Potential of Your Glass Roof Terrace
A glass roof terrace or Glasdach Terrasse as it is called in German, is a splendid addition to any home, merging the beauty of nature with the comfort of indoor living. By understanding the unique features and advantages of glass roof terraces, and taking into account your specific requirements, you can craft an enchanting outdoor haven. So, let your creativity take flight, and experience the magic of a glass roof terrace as you bask in the sun, surrounded by the splendor of the great outdoors.
What are the 5 key differences between bonds and stocks?
Technology has made a huge impact in many sectors globally and investing is certainly one to consider. For instance, online trading platforms have taken off in the last few decades and have opened up the world of trading financial assets to everyone.
One thing you need to think about before starting to invest online is what to put your money into. There are lots of different assets out there and it pays to know about the most popular before diving in. With this in mind, finding out more about bonds and stocks is wise.
Although they might sound broadly the same, they are two very distinct assets. But what are they and how do they differ?
What are bonds?
Savings bonds are an enduringly popular choice for investors and are widely traded around the globe. In essence, they involve individuals loaning money to a national government over a fixed period in order to make a financial gain when the loan is paid back.
It is possible to invest in two major types of bonds: a fixed interest rate bond and one that is variable rate. Investors make money from bonds through the amount of interest which is accrued over the period of the loan.
What are stocks?
Just as people are getting into online gaming, trading stocks online is a popular activity. But what are they all about?
Investing in this asset involves traders buying a share in a company listed on a stock exchange for a certain price. The aim is then to sell the shares at a higher price in the future to make money. People can put money into companies listed on a variety of well-known stock exchanges worldwide via online trading platforms, ranging from the NYSE to London’s stock market or the DAX in Germany.
As you can see, the very nature of what each asset involves already marks them out as distinct from one another. But what are the five specific ways these two differ?
1. Risk level
Perhaps the major difference between these two assets is their level of risk. Savings bonds are commonly seen as low-risk and less volatile than investing in stocks. This is because bonds involve you loaning money to national governments who are almost certain to repay it.
Bonds also come with the knowledge that you should always get your initial outlay back and enjoy regular income from them across the period of the loan. Stocks on the other hand are seen as a lot riskier as there is no guarantee of getting your initial investment back or making any money on them.
The timescales involved in bonds or stock investments also mark them out as separate assets. Stocks have no pre-set timeframe for how long your investment should be held for and this leaves people free to exit the trade whenever they like.
Due to this, stocks also usually have no penalties for exiting a trade earlier than you might have planned initially. Bonds, however, do feature a pre-set loan period and can involve penalties for redeeming the bond before it is due to mature.
Another way stocks and bonds differ is how the IRS looks at them. Investing in stocks can lead to you having to pay tax on any profits made or dividend distribution tax for shares which pay out dividends each year.
Bonds are not looked at in the same way and are treated as debt instruments. This means they are not exposed to any tax burdens and this means you keep 100% of any returns made, minus any transaction fees for the trade at your broker.
4. Issuing of stocks and bonds
As noted in our brief definition of each asset above, bonds are loans made to national governments by individual traders but stocks are shares you buy in a publicly listed company. This reveals another key difference between the two which is who actually issues each asset.
In their most basic form, bonds are issued by governments or government institutions but stocks are issued by individual, privately owned businesses. This is a clear area where they diverge and yet again shows how they differ.
5. Potential returns
Stocks can potentially deliver higher returns because they are not tied to interest rates and allow you to sell your shares without penalty whenever the price is right.
Bonds though tend to offer less scope in terms of potential returns as they are tied to a pre-fixed return or variable interest rates which may not be as lucrative. They do have the huge benefit of being lower risk in general though.
Stocks vs bonds: Which should you invest in?
The simple truth is that you should consider both assets and invest in the one you understand best. If you find it tough to choose, many traders will include both in their portfolio as a way of diversifying.
3 Things Employees Want from Employers Post-Pandemic
The COVID19 pandemic has made some huge changes to the world of work over the past few years. Not only are more people now working remotely, but professionals are choosier about where they work, prioritize a good work-life balance, and are more likely to gravitate towards employers who care about their employees’ health and wellbeing. As an employer in the post-pandemic world, upping your game when it comes to employee benefits is crucial if you want to continue attracting the best talent and protecting your reputation as an employer. Some of the main benefits that people want to see after the COVID19 pandemic include:
There’s nothing like a pandemic to make people put their health and wellbeing first, and after the crisis, people are less interested in working long hours and more interested in making sure that they are well and healthy. So, it’s only natural that they will be looking for an employer who also values this for their employees. Employers who offer a good healthcare benefits package are in high demand today, so consider offering some of the most sought-after options such as health insurance for your employees and their families, accident and disability insurance and supplemental health benefits such as those from Humana Healthcare OTC and alternatives.
Education and Development
Lots of people used the COVID19 pandemic as an excuse to develop their skills and learn something new; online courses and free skills development opportunities online boomed during lockdowns when people were spending more time at home with more free time to invest. Much of this has continued to spill over into the workplace today, with lots of professionals more interested in working for employers who will invest in their learning and development. Nobody wants to be stuck in a rut when it comes to their job, and for many the pandemic was a wake-up call that they could be learning more and doing more if they weren’t putting so many hours in doing the same thing every day. Offering funding for training courses, programs, and even degree qualifications will help you stand out as an employer in the post-pandemic world.
Remote and Hybrid Working
Finally, the ability to work from home has become so normalized in the world since the COVID19 pandemic that it’s almost not a benefit any longer. The truth is that after lockdown, people who do not need to be in an office to get their job done don’t want to have to be there every day of the week. Throughout the pandemic, people realized that working from home was not only just as effective, but it also allowed them to spend more time with family and save money without commuting. If you want your business to thrive as an employer after the COVID19 pandemic, then it’s definitely worth considering continuing remote working, or offering a hybrid setup where employees work partly from the office and partly from home.
In 2020, the world of work was dramatically changed in many ways by the COVID19 pandemic. To thrive as an employer now, these are the top things you’ll need to offer.
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