However, companies opt for other pay stub formats that form the basis of types of paycheck stubs. The general content of a paycheck stub is similar across different institutions. It is essential to understand the deductions, especially when you move shop to a different employer. In such cases, ensure you have valid pay stubs.Ĭonstantly review your pay stub to check any erroneous deductions and nip them in the bud. Underwriters require pay stubs to verify your capacity to finance a house loan.Īdditionally, the pay stub may come in handy when seeking tax benefits such as tax refunds. You may need a pay stub when applying for a mortgage. However, federal and different state laws require you to provide up-to-date payroll information for employees when needed. Note: The law does not obligate employers to issue pay stubs. Stubs show year-to-date net revenue, the current net income, and employee deductions. It is an essential financial management tool for the employer and the employee. Paycheck stubs provide insightful information about an employee’s pay.
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