Understanding your payslip and our services
Records related to your salary/wage often plays very important role in obtaining services like mortgage, car loan, tax rebates etc when a ‘proof of income’ becomes necessary. They also help you organize and manage your personal finances better. Payslips are the primary records of your salary and wage and serve the purposes just mentioned. Payslips are the documents that your employer/organization issue to their employees, i.e. you. Although available in many countries, payslips are more prominent in UK. On the employer’s (an individual or a company) side, payslips help maintain important records of pay and allowances disbursed in favor of employees and thus ensure accountability of the overhead expenses. On the other hand payslips satisfy the records requirement for the employee. By having a payslip at your hand, you can understand if you have been paid your due wage or salary with various deductions effected within.
What are there in a payslip?
Format, layout and content of a payslip may vary with the types of company or organization that you work for. But few information are common in most of the payslips in UK. Payslip Typically a payslip may include most/all of the following items:
– Payslip details section:
• Payer/employer name: A person or the company for whom the employee works for.
• Payee/employee name: Employee’s name i.e. you including address.
• Type of Payroll: Weekly/bi-weekly/monthly wage or salary.
– Payment period section: Specifies if the period is a calendar month or bi-weekly/weekly period. This is also associated with the dates ‘from’ and ‘to’ your pay has been calculated.
– Summary section: This part mentions year to date gross earnings including the current earnings and tax deductions.
– Hours, earnings and rate details: Description of earnings like salary, merit salary, overtime, taxable life insurance etc. Rate details are given in the payslips when employees are paid on an hourly rate basis.
– Pre-tax deductions: Pre-tax deductions like TIAA CREF or TIAA CREF SRA are included here with descriptions.
– After-tax deductions: After-tax deductions with description like union dues and other subscriptions are included in this part of the payslip.
– Tax information: Relevant tax information are displayed in this section.
– Net pay section: This section provides the take-home salary or wage after all deductions. Type of disbursement (cheque, cash etc) including relevant information like bank’s name, deposit number etc are given here.
What we do?
Our payslip related services are primarily designed to make your records related jobs easier. Our services include the following:
• FREE advice: In the event of a loss or damage of your payslip, we can give you important advice in regards to a replacement basing on the information that you provide.
• FREE salary calculation: Through our website, we provide online salary calculations service basing on your inputs. This includes your earnings vis-à-vis your deductions and voluntary/compulsory contributions (insurances, taxes, pension schemes, subscriptions etc).
• Replacement payslip: We provide high quality, Inland Revenue Approved replacement payslip in variety of layouts available.
Just visit our website and give it a try..... we guarantee your satisfaction on all your payslip related needs.
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Abdul is author of this article on payslip.
Find more information about pay slip here.
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