What is a paycheck stub? Am I getting it if I get paid through checks? Where do I look?

Question

I am going to have to pay all my taxes anyway, right? Either they take them out of my paycheck or I py them in th ereturn, it's the same amount to be paid, correct?

Answer 1

If you aren't getting one I would demand one. Besides getting a paycheck that give you money, it's your receipt of hours worked and paid for, taxes withheld and anything else deducted you pay for like health insurance.

Answer 2

You know when you get say the electric bill, and you tear that little part off at the end to make the payment? That is how it would be in reverse for a check with a paystub. The check comes with a piece of paper listing your hourly wages, etcetera, etcetera, and people tear the check at the perforation to cash it. So, the remaining paper is the "stub", your records that you worked that week/or that month and how much you were paid, any over time or holiday, or sick pay or whatever.
Now, if whomever is employing you is paying you from personal checks with a business account, they can do it the same way, if they have an accountant or financial someone who knows how and how much to take out and submit it for you. But if that's too difficult, you will have to get an accountant, and/or take photo copies of every check they give you just in case they ask you how much you made on the week of the 24th when tax time comes back, but yes,you probably will end up paying next year, unless it's a big enough company that will do it all for you and furnish you with a W2 form, which is an end of the year tax statement.
Did you sign any tax forms when you were hired? A W2 that asks you if you can claim anyone on taxes, and your identifying information phone, name etcetera. If it's a big enough company, they will do it all for you and at the bottom of the "stub" just above the check. there will be a little box that says gross pay and net pay after taxes. one is the total you earned for working that week/month, and the other is how much the check was made out for, minus what they took for taxes.
So, if it is a personal business account, and not a bigger business, you might consider starting a savings account now. And keep a log book of your checks too just in case the photo copies go missing or get lost or wet or trashed some way.

Answer 3

There should be something either attached to or enclosed with each paycheck, showing the amount and reasons for each deduction, if you're an employee.

If you are an independent contractor, you'd just get a check since nothing would be deducted. In that case, at the end of the year you'd get a 1099-misc instead of a W-2. You'd pay the same taxes that would have been deducted except that you would pay both the employee and the employer halves of social security and medicare (would be called self-employment tax), and if you have eligible expenses, you can deduct them from your income before you figure your tax.

Answer 4

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RE:
What is a paycheck stub? Am I getting it if I get paid through checks? Where do I look?
I am going to have to pay all my taxes anyway, right? Either they take them out of my paycheck or I py them in th ereturn, it's the same amount to be paid, correct?

Answer 5

What Is A Check Stub

Answer 6

normally a paycheck has two parts, the acutal check and the check "stub". The stub will have your personal info on it like employ number, hours worked, rate of pay, and tax info. If your employer isn't holding out taxes out of each check, you will have to pay it all in a lump sum at the end of the year. If not you should be even or ahead by the end of the year and get something back.

Answer 7

Your paycheck stub is connected to the pay check either on the top or the bottom of the check. It will show how much taxes have been taken out of the checks and how much social security has been. If you are working at a job and are not considered an independent contractor you will have the taxes taken out of the checks.

Answer 8

If you get paid, the check stub should spell out what you get in gross amount, it should then show you what taxes you are paying for, and then it should show you the amount after they subtract the taxes from your gross. This is your "Net" pay, the amount you take home. The check stubb should also give you a "year to date" balance from the beginning of the year to the end to keep track of the totals in income, taxes, etc.

I guess it would be the same, but it hurts to pay your taxes at the end of the year if you don't pay your taxes at all. Claim zero, let them take as much from you, and at the end of the year, you either pay very little or you get a good amount back. Trust me, it isn't fun to pay back the government. Hope this helps.

Answer 9

Are you being paid on a company check or is it outsourced say to Paychex or ADP? If it is outsourced you would have a check and a paystub for your records. If it is a company check that is done by hand (which is practically non-existent in these days I hope) in the memo section would be the amount of money being deducted and you should make a copy of the check before you cash it.

Answer 10

paycheck stub paid checks