How to Make Employment Pay Stubs: A Guide for Business Owners
Processing payroll the right way is extremely important for any business owner. Click here to learn how to create employment pay stubs.
Making pay stubs by yourself can be a pain in the “you know what”.
It’s not that it’s hard to do, it’s that it can be really time-consuming to generate a pay stub for each individual employee every single pay period. At the same time, when you’re a small business, it’s hard to justify paying someone to do this for you.
If this describes your mindset, we’ve got some good news for you. Your employment pay stubs can be generated quickly, easily, and cheaply with a pay stub generator.
Today, we’re going to tell you what you need to include on your pay stubs and why using an online generator will save you time and money.
What You Need to Include On Employment Pay Stubs
An employment pay stub is basically a list of all of the information that your employees might want to know when they get their paycheck. Since a lot of companies have moved to direct deposit, pay stubs have become all the more important for transparency and record-keeping.
So, what do you need to include? Your pay stubs can be as bare-bones or in-depth as you’d like, but make sure to think about what your workers need to see.
At the top, you’ll want to include both your company’s information and the individual employee’s information, along with the date of the pay period that the pay stub is for. Then, you’ll need to display their gross pay, which will either be the same every time for salaried employees or their wages multiplied by hours worked.
If any overtime was worked during the pay period, you’ll display the number of hours worked and the pay rate underneath the regular pay.
In another section, you’ll have to display the mandatory deductions. These are federal, state, and local taxes, and any wage garnishments. There are also voluntary deductions like a retirement fund, life, and medical insurance that might need displaying, as well.
Near the bottom, you’ll display the net pay (gross pay with all deductions removed), the date of payment, and your employer’s signature.
A Pay Stub Generator Will Help
It’s a lot of information to include and if you’re doing it all by yourself every two weeks, a lot of your time will be dedicated to payroll duties. It’s almost a no-brainer to use an automated check stub maker to complete this task.
Paystub generators allow you to quickly input the necessary information into a template that you can just load up every pay period. If you’ve got a lot of salaried employees, then you can create their pay stubs in just a few clicks.
Focus On What Really Matters
No small business owner wants to spend too much time generating pay stubs. There are so many responsibilities and you’ll lose track of them if you’re allocating time to something that can be done in a few minutes.
Use a pay stub generator for your employment pay stubs and you’ll be a happy boss with satisfied employees.
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