LAW MAKERS MAKE PAY STUBS MANDATORY – WHAT ARE THE USES OF PAY STUBS?
It is now required that employers in Virginia need to provide a pay stub to their employees so that employees will know how their employer calculated their salary. Through this pay stub, you have the power to know your employer’s real complete name ( which I think is kind of important). Pay Stub gives you the information about your income. It gives you an assurance that you are paid correctly and understand what are the deductions of your salary, not only that but It also allows you to know your total earnings in a year or a month but some people don’t care about the pay stub or perhaps they just don’t ask and need it.
Through our easy pay stubs, it allows you to get some things that you need in life like if you want to loan, because, most of the company nowadays need some pay stub such as banks, car loans, money loans, and other types of loans. If you want to rent an apartment or rent a car as long as you are renting it, you will be needing to show a pay stub as proof of your income in a month or in a year to show that you could be able to or capable to pay them.
Here are some of the elements of an Easy Paystub:
- Your Company Name
- Your Company Address
- Gross Earnings
- Deductions (Medicare, Social Security, Federal Tax, State Tax)
- YTD Net Pay
You don't have to memorize all of those, because once you generate your pay stub online, all you have to do is fill in the information and you can do your calculations on the go.
But now, Senator Frank Wagner from Virginia Beach said, “It is now the time for employers to issue pay stubs to all of their employees showing the exact calculations and how much deductions are taken out from their salary.”
Pay stubs can prevent anomalies and money laundering
I think it is a good idea in case your employer thinks something wrong (negatively). So, having a pay stub, it helps you to avoid thefts or corruption, because sometimes, some employers have their own technique to do that which is obviously not hard to do since it is already in their hands. Transparency in any organization is fundamental. This is why recording proof of income and accurate remittances can help in facilitating authentic payroll.