If you are not keeping a copy of your pay stub every time you are paid, perhaps it is time to start because these documents are valuable in more ways than you can imagine. Despite the clutter they may create, you should make a plan to keep a copy of each of your pay stubs on this site. You can use pay stubs for more than just learning more about the amount of your direct deposit. Highlighted below are compelling reasons why you should be keeping your pay stubs on this website.
Keeping your pay stubs may seem unnecessary but you will need them if you need proof of income; you may not have thought of such a situation until you find yourself in one and if you usually keep your pay stubs, you will have the solution at hand. There are a few situations where you may have to verify your identity or prove that you are who you say you are and the fact that the pay stubs are from an employer combined with personal details like social security number are enough to verify your identity.
Filing of taxes can be completed with the help of different documents including the W-2 form, however, you can always file your taxes before you have received this form if you maintain a copy of your pay stubs; this helps in gaining an upper-hand on receiving your refunds. Another reason for keeping your pay stubs is rental or credit application; since none of these can be completed without proving proof of income or identity, providing the most recent copies of your pay stubs usually helps.
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. Keeping copies of your pay stubs also get you ready for a tax audit; since you don’t know when the state or federal tax authorities may come knocking to audit your records, submitting copies of your pay stubs can support the information you provided.
Keeping pay stubs is important for financial records which is essential for a variety of reasons; it is true you may not need these copies at all times but it is safer to keep them just in case. In case you are not keeping any financial records, maintaining copies of your pay stubs is a good place to start. If you are not keeping your copies of your pay stubs, these are some of the benefits you could be missing out on.