Compelling Reasons to Keep your Pay Stubs
The idea of keeping pay stubs, paper or electrical may seem unnecessary to you now but you might soon realize how important they can be and regret your decision of not keeping a copy from the beginning as shown here. It is no secret that keeping the pay stubs can cause unnecessary clutter in your home or office, but if you know their importance shown on this website, you shouldn’t mind. The pay stubs are important for a variety of reasons and the information on them can come in handy during various situations that you should know about. You can discover more on the importance of keeping pay stubs below.
You need pay stubs for proof of income; if you find yourself in a situation requiring proof of income, pay stubs really come in handy, plus they are the most widely accepted documents. Pay stubs are beneficial for identify verification purposes; when opening a bank account or submitting applications, you will be required to provide proof of identity and since every pay stub shows social security number and other personal details, they aid in proving your identity.
Pay stubs are not only important for keeping tabs on your paychecks but during filing of taxes too; filing of taxes is usually easier and more accurate if you have copies of your pay stubs even if you don’t file the taxes yourself. If you are applying to be a tenant or for a credit, you may need to provide your last few pay stubs which is why you should keep the electrical or paper copies; they show proof of income for your rental and credit application.
Every employee who is paid hourly needs to keep track of the number of hours they are working in each pay period to ensure accurate payment and for solving any issues that may arise, and maintaining copies of each of your pay stubs is te way to do it; it is easier to keep track of the hours you work this way. If you have never imagined being the subject of a tax audit from the tax agencies, know that it can happen at any time and copies of your pay stubs can further cement the information from your tax filings.
You should also maintain the copies for financial records; since you never know when you may need the copies, you are advised to maintain them for at least one year o keep a record of your earnings. In case you are not keeping any financial records, maintaining copies of your pay stubs is a good place to start. There are many reasons for keeping pay stubs these are just some of them.