Do you have a job? If you do, how does your employer pay you? Chances are, you get a pay stub that shows you your hours worked, overtime, and benefits earned from your company, if any. If you are an employer, you need to keep records of every dollar your employees are paid and keep accurate tax records and other benefits paid. In both cases, an online paystub generator is a must!
Why Online Paystubs?
In today’s environmentally conscious world, more organizations than ever are monitoring their environmental impacts. Reducing paperwork is a key factor. With the rise of the internet, documents are often sent digitally, foregoing the traditional “check’s in the mail” cliche, which saves postage money, paper usage, and time. Paperless documents are now the norm, not the exception. Using Online Paystubs is now an expectation of employees and employers alike.
All big businesses started as small businesses. As a company grows, so does the need for accurate record keeping. When a small company hires its first employee, they need to pay that employee and keep accurate records of the payments. This action is necessary for the business bottom line and tax purposes. An online paystub enables easy record keeping.
ThePayStubs
For companies large and small, using an online paystub generator offers a plethora of benefits for both employers and employees. But how can they be created? A company would need a service that is inexpensive, reliable, fast, and 100% legal.
ThePayStubs satisfies all of these requirements! If you are a small business owner struggling with sales, taxes, regulations, and who knows what else, any tool that can save you time and money is welcome. With ThePayStubs, you can provide your employees with a simple, easy-to-read pay stub that complies with your state’s legal regulations and requirements.
ThePayStubs is useful to entrepreneurs as well. Freelancers, contractors, and other self-employed workers need to prove their income to keep track of finances as much as any company employee.
Compliance
Strictly speaking, companies are not required by law to provide pay stubs to employees. But given the complexity of finances and expenses, it’s best to have a simple record of pay, benefits, and expenses all in one place. Thus, companies generally provide pay stubs as much to the company’s benefit as to the employee’s.
Using ThePayStubs
ThePayStubs has a simple wizard for creating pay stubs for your employees. Several pay stub templates are available to give the paystubs a professional look and feel.
But that’s not all ThePayStubs can do. It can also generate W-2 forms for your employee’s tax reporting. It utilizes a wizard similar to the pay stub creation wizard. Federal and state income taxes must be deducted by the employer and documented in the employee’s W-2 form. The Internal Revenue Service gets the same information as the employee via the same W-2 form, so this form must be created accurately.
It’s also important to note that any proprietary or personal information about a company or its employees is completely protected. ThePayStubs uses SSL/TLS encryption to keep valuable data safe from exposure.
If there are questions or problems creating paystubs and W-2 forms, ThePayStubs has 24/7 customer service to help address any problems. Your company and employee information are in safe hands.
For Employees
You work hard for your money. And you should know where every cent of it goes. Your pay stub should show any deductions you have, including for taxes, insurance, 401k or some other retirement account, and any bank allotments you’ve set up. Your online paystub is a valuable document to assist with your financial planning. It serves as proof of income as well as deductions.
Having access to online pay stubs is a great work benefit. For example, if you’re applying for a loan or an apartment lease, or a mortgage, you can download and send pay stubs through email to verify your employment. You can keep an organized file of all your pay records on your PC or a cloud service for safe backup. And, God forbid, you can even print out a pay stub on paper if someone wants to see it. With online pay stubs, the options are yours.
Do you prepare your own tax returns? Or do you pay an account or tax attorney to do them? Either way, you’ll need a W-2 form from each job you work at within a year. A W-2 form created with ThePayStubs will help keep the taxman away (or at least a bit farther away).
What if you suffer an accident on the job? You’ll need proof of accident insurance as well as proof of income. Your company will use your online paystub to help determine your wages and how much you’ll need to be compensated.
For these reasons and many more, it’s best to keep a backup file of all of your online paystubs. You should keep them for at least a year or until your taxes are filed based on the information contained in your paystubs. With the ability to archive your paystubs digitally, there’s no reason not to save them. Paper pay stubs can get lost or accidentally destroyed, but that’s much less likely with digital redundant copies.
For Employers
Today more than ever, companies are looking to keep costs under control. Mailing out a pay stub to employees used to be a burden. Paying for postage and envelopes was an extra but necessary expense. Companies with workers who work remotely or travel a lot as part of their work had that extra layer of complication. Online pay stubs provide another overlooked benefit for employers: less paper and clutter around the office. Who can say no to that?
Online pay stubs can also serve as a layer of protection for businesses. What if an employee claims they were underpaid? Verifying the paystub with the actual pay received can clear up such discrepancies.
Conclusion
Having an online paystub generator can benefit a company’s bottom line, as well as its employee’s own bottom lines. With the rise of online paystubs completely replacing the need for paystubs to be manually mailed, every company and employee can finally say goodbye to the envelopes.
