What does Pay Stub, Paycheck stub, Salary slip, or Payslip mean?

  • What is a Pay stub/Paycheque stub/ Payslip or Salary slip?
  • What information does it carry?
  • Where is it useful?
  • Can you make changes to your paystub?
  • How to get a paystub?

What does Pay Stub, Paycheck stub, Salary slip, or Payslip mean?

A PayStub/Paycheque stub/ Payslip or Salary slip are different names for the same thing and can be most often used Interchangeably. In the simplest terms, a pay stub or payslip paycheque slip or salary lip is a receipt given by your employer, which communicates critical information like your gross income, deductions, taxes, and net income. You can consider it a ‘mini’ income statement that you are getting from your employer, where your gross income is the revenue, and the net income or take-home income is what you get to keep.

Employers that pay their employees in the form of cheques or deposit the considerable amount directly in the bank account tend to give a Pay Stub. The receipt is also referred to as the payslip or the paycheck. It is important to understand that the pay stub is a supporting document that goes with your Pay cheque.

Can You Make Changes to Your Payslip or Pay Stub?

Yes, you might ask the employer to let you pay your taxes and take care of the deductions. However, you might have to go through a government-mandated procedure to do the same.

Generally, your employer's payroll management system available on the intranet, internal ERP, or cloud-based system would carry the necessary information you need to make adjustments to your pay stub/payslip.

However, editing a pay stub without the information and approval of your employer would be considered illegal, as you are tampering the proof of your employment history with your employer. Thus, make sure all the changes you want to have in your pay stub are duly communicated to your employer before you get the pay stub.

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How to Get a Payslip/Pay stub?

Since payslip/pay stub is not a mandatory document in all jurisdictions, your employer may not provide you one unless your request for it. However, getting access to your pay stub should not be a difficult or tedious process:

Get the government-mandated form available on the website of the applicable tax authority of your region. Fill it and submit it to your employer to get the pay stub.Access your employer's payroll management system.Talk to your Human Resources team: They would have some record of the payslips or similar documents accessible to them.

If you are seeking the pay stub for a specific purpose, make sure you let your employer know about it. For instance, if you are submitting the pay stub for a home loan, your employer might have a readily available set of documents that would show your creditworthiness. Thus, mentioning your purpose for using the payslip will often help you.

PaySlips and Payroll software for small Businesses

Giving out a pay stub to your employees can be a time consuming process if done manually or through Excel sheets with a very high chance of Error. Especially if you are a small business with a limited team who is not a specialist at this job.Thankfully cloud based, affordable payroll softwares like Deskera provide you with a simple solution which is  easy to access and can be run by almost anyone. The software helps you run your payroll effectively and lets you design and give out the  pay stubs to the employees.Click here for a free Trial

In Conclusion

A pay stub is a non-binding document issued by your employer to show your gross salary, set of deductions & benefits, and net salary. It is used by lenders, potential employers, and other institutions to understand your earnings. Employers usually have a digital record of pay stubs available, and by submitting a simple request, you should be able to access it. Make sure your pay stubs accurately display all the necessary information.

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Benefits

Through our paycheck stub calculator, you will be able to efficiently keep track of your finances, secure bank loans, obtain credit cards and use the stub as proof of income and a strong work reference.