Before looking at a payslip it will be useful to understand the format of a payslip. Within this article, we will analyze the different sections of a typical salary slip and their significance. So what is included on an employee payslip ? Let’s take a look at some of the key parts that are included in a payslip.
The payslip should is presenting the employee’s name and address.
Companies use this number to identify individuals on their payroll. It is essentially an employee identification tool.
The numbers stated here represent the tax period for that particular salary slip. The US tax period runs from the start to the end of the calendar year.
This code is issued by a Federal government tax document, which is used to specify the percentage rate an individual is taxed at.
This labels the amount of pay an employee receives before taxes and further deductions.
This states an employee’s take-home pay after all taxes and other deductions have been made.
YTD refers to a period of time beginning on the first day of the calendar or fiscal year running up to the current date. It is based on the employee’s gross income and is shown to indicate all earnings received by the employee to date in that year at company
This is the employee’s personal social security number. It is used by the authorities to identify the individual. Any deductions made to social security under this number will be recorded against that employee’s name.
If an employee incurs expenses in advance the employer will make the reimbursement on the payslip direct to the employee. This could be in the case of booking a business trip in advance or subsistence during the trip.
This section states the amount taken from the gross pay and withheld for contribution to the employee’s pension. Keep in mind, this allows the employee to see how much percentage of their salary is being stored in the company pension scheme.
If the employee receives any workplace benefits, like company health insurance, a company car, or any bonuses this will be clearly indicated on the salary slip.
