Companies are not obligated by the law to provide pay stubs to their employees. It is an explanation when people are not able to provide a pay stub when required. This can be a problem for some situations. Some situations can be verified through a proof of income document.
To prove that you have an income a pay stub can be provided. If you do not have a pay stub you cannot comply this requirement on some businesses. It may seem unimportant to those who receive one. As an indicator that you are paid correctly, pay stubs are given. The pay stub tells you how much your taxes withheld, contributions and deductions are as an employee.
A proof of income is needed when you apply for personal loan. It is an assurance that you can pay for the loan. This requirement may vary for each lender. They might ask for a pay stub last month or those from many months before.
Auto loans are another thing that needs a proof of income. The ability to pay for it is what the pay stub signifies. Presenting the pay stub shows your income proof. Income necessary for the auto loan depends upon the car purchase’s required amount. Meeting the criteria means you have a proof of income to show.
In the beginning of the year when you file for taxes, possessing pay stubs makes the job easier. Income received and taxes paid are seen in the last pay stub of the year. If you have health benefits it will be indicated in the pay stub as well. If the wage and tax statement has some errors, a pay stub will help in correcting it.
House rental is another dealing that will ask for a proof of income. Affording the house rental can be proven with that said document. Months’ worth of pay stubs are required by apartment complexes. The months’ worth of pay stubs will also tell them the length of service at your current workplace. Applications of people new to their workplace will most likely get a not from apartment owners. Unsteady cash flow is what that signifies to the owners. It can be said that you will easily be approved if you worked for the same company for a long time.
Refinancing your mortgage requires some pay stubs to be presented to a lender. The document would mean that you have the means to pay for the loan. You will not have much problems in your loan application processing with pay stubs.
You will be asked to present pay stubs in applying for an accident compensation. Your income that will be missing out is what the document will indicate.
In this site you can find sources of material regarding pay stub generators.