Under federal law, it is not a requirement for an employer to give employees physical pay stubs.
Well, it is no wonder then, that often when individuals get asked for their pay stubs they have
nothing to show. There are several instances in your day to day life where you will need to show
proof of income documents for verification purposes.
Pay stubs help individuals make sure that they are getting paid correctly and verify that their
gross wages, withholdings & deductions were accurate. This hassle can be solved with the help of
a paystub creator. However, be mindful, only with an authentic paystub creator can you get your
pay stubs sorted out. Here’s the deal, you will need proof of income for the below scenarios.
If you find yourself in need of getting a personal loan, some banks might ask you for the
most recent pay stub. Others might ask for a month or two worth of pay stubs to make sure
that you can repay your loan.
Applying for an auto loan is somewhat similar to taking out a personal loan, wherein banks
need to make sure you can pay the loan back. Depending on how much you’ll be financing for
the car, they might require you to make a certain figure per month. They ask to see your
proof of income to make sure that you actually make what you proclaim.
Having your pay stubs on hand, can make tax filing much easier at the beginning of the year
as they show how much income you received and how much you paid in taxes. They also stand as
proof that you had certain benefits. In case there is a discrepancy with your form W-2, then
your pay stub should serve as proof for tax purposes.
You’ve found the perfect townhouse or apartment to move into, but there’s one little hiccup,
the landlord needs proof of your income. Landlords or real estate agents will often ask for
your pay stubs to make sure that you can afford to pay your rent. Some complexes or rental
agencies will require several weeks worth of paystubs. They are specifically interested in
how much you’ve made thus far. Find out more about
how a renter can show proof of income.
If you stumble upon an unfortunate accident that hinders your opportunity to work,
surprisingly, your paystubs come in handy here as well. If you file for compensation
benefits, then you need to prove how much you were earning and how much you should
earning had it not been for this unfortunate incident.
If you still need more clarification on why you need paystubs or what is the point of using
a paystub generator, simply check
out this article.