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Generating a Pay Stub. Throughout the years there have been many improvements in the business world. Small business owners used to write their employees paychecks directly from the company checkbook. Companies used to set up entirely different bank accounts that were used only for payroll purposes, which helped simplify the whole process. Things like this would not work in today’s modern society because people simply need to know how much their employer is putting into their bank account each pay period. They need this proof because there have recently been a few companies who have cheated their employees. All you need is the right type of software to generate the right kind of pay stub for your employees. First, you need to ask yourself why does everyone need a pay stub? These employees want a pay stub so they can track their earnings over the course of a year or certain time period. Even though most employers are honest there are a few who will try to take advantage of employees. Payroll stubs are the only way an employee can access their payment history to help monitor their income. Our pay stubs show a list of deductions and there are a large number deductions taken out each week, and these deductions are what pay federal, state, local and any additional taxes. There are multiple other deductions like 401k retirement funds, medical and dental insurance. Employees want to make sure that taxes are taken out correctly and the right deductions are made.
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You must realize that this pay stub is important for your employees and realizing this is the first step in the process. The obvious next step is creating the payroll stub by using the right type of software to perform the function. It would be best to not write all your individual pay stubs by hand because it can take forever and the programs aren’t that expensive to buy or install. There are certain banks and loan companies who don’t accept hand written pay stubs.
Paystubs – Getting Started & Next Steps
There are multiple accounting software programs that can be used to help create payroll stubs for all your employees. The majority of these programs can be found free online or at a cost that won’t bankrupt the company. Low cost templates can be found online, and they are perfectly adequate to take care of your employee needs. The main thing you need to remember is that your template needs to work with the software you are currently using.