Information included on a paycheck statement includes gross pay, federal and state tax withholdings, Social Security withholdings and Medicare withholdings. Further, insurance deductions and retirement plan contributions also usually appear on the paycheck statement.Continue Reading
While companies print paychecks in a variety of ways, when it comes to the information displayed on them, certain laws require that they show certain figures. However, some paycheck stubs, or statements, still aren't as detailed as others, only showing the required information. Items like gross pay, net pay, federal and state tax amounts, and Social Security and Medicare withholdings are always present on the statement.
Gross pay is defined as the total amount of income earned over a specific pay period, while net pay is the amount of income taken home after all withholdings have been applied. Federal taxes, taken from each paycheck, are displayed alongside state taxes with a year-to-date display showing how much has been paid toward each one.
Certain items not required to be on paycheck statements include insurance deductions, leave time, childcare assistance and important company notices. Insurance deductions show monthly payments toward insurance, details on leave time show vacation and sick hours, and important notices may include wage increases and/or tax filing information.Learn more about Accounting