What is a pay stub?
A pay stub is a document that outlines the details of an employee's earnings and deductions for a particular pay period. It shows gross pay, taxes, benefits, and other deductions.
Pay stubs serve several important purposes:
- Inform employees about their pay and deductions for the period
- Provide proof of income and employment
- Help employees verify payroll accuracy and resolve discrepancies.
What is a pay stub template?
A pay stub template is a pre-designed document that contains standard pay stub fields and calculations. Companies use templates to generate consistent pay stubs for all employees efficiently.
The main benefits of using a pay stub template are:
- Saves time - Payroll teams don't have to create stubs from scratch every pay period. The template populates data automatically.
- Increases accuracy - Pre-set formulas in the template calculate deductions correctly. This reduces errors.
- Provides consistency - All employees receive stubs with identical layouts and information fields.
- Allows customization - Templates can be tailored to include the company logo and additional earnings/deductions fields.
- Simplifies compliance - Standardized stubs help companies comply with labor laws and regulations.
- Enables automation - Data can flow seamlessly from payroll software to template for easy stub generation.
Pay stub template Excel
The pay stub form provides employees with information on received payments. It covers a specific period and includes data related to the method of payment, wage, hourly payments, benefits, and deductions. The pay stub form has to follow labor regulations in your country and the company's policy. For example, deductions may refer solely to taxes or include social and medical insurance, pension payments, and other local taxes. Benefits depend on the company's policy and may include Christmas or yearly bonuses, gift or meal cards, and private medical insurances. You may have in the pay stub form information about the leave balance, overhours, and sick leave.
While the pay stub form is subject to local regulations and policies, it usually includes general data such as the name of the company, the name, title, and employee department. Other elements include the period, the date, method, and detailed information on types of payments, amounts paid, the currency, and deductions. To avoid mistakes, use Excel's formulas for everything that requires computations. Get it free of charge by clicking on the image below.
Download the Pay Stub Template
Pay stub template Word
If you're more familiar with Microsoft Word, then we have a pay stub template you can use in Word. Feel free to download this printable version right away.
Download the Pay Stub Word Template
What does a pay stub template contain?
A pay stub typically contains the following:
- Employee name and company information
- Pay period details (dates, check date)
- Salary or hourly wage rate
- Number of hours worked
- Gross pay
- Itemized deductions (taxes, health insurance, 401k, etc)
- Net pay
- Create a record of payment history, taxes paid
- Support financial applications like loans, rental agreements.
In summary, pay stub templates improve payroll processing efficiency, accuracy, compliance and provide transparency for employees.