Have a great day ahead. As a result, the gross wages on an employee’s pay stub often differ from the Boxes 1, 3, 5, and 16 wages on the W-2 because these non-taxable items will lower gross taxable wages. This amount isn’t included in W-2 boxes 1, 3, 5, or 7. (Narrator speaks.) Payslip is a related term of payroll. And, the pay stub shows the amount the employee actually receives (net pay). Effective Friday, November 6, all people in Saskatoon, Regina and Prince Albert are required to wear non-medical masks in indoor public spaces. Have a great rest of the day. J — Nontaxable sick pay (information only, not included in Boxes 1, 3, or 5). Footnote 1. A paystub is typically attached to an employee’s physical paycheck. K — 20% excise tax on excess golden parachute payments. D — Elective deferrals to a section 401(k) cash or deferred arrangement. A W-2 form, also known as a Wage and Tax Statement, is a required document that an employer must send to employees each year. L — Substantiated employee business expense reimbursements (nontaxable). ($30,000 – $2000 = $28,000). In this article, we’re going to discuss the pros and cons of payroll outsourcing so can make an informed payroll decision. One question that many employers and HR directors get asked each year revolves around W-2s and paystubs. This box shows the total amount distributed to you from your employer’s nonqualified deferred compensation plan. ePayroll (ePaystub and eTime) is available 24/7 except during short maintenance periods. For now, let's check if they're using the correct email in accessing their pay stubs. C — Taxable cost of group-term life insurance over $50,000 (included in boxes 1,3 (up to Social Security wages base), and box 5. We are providing you with the best and ready to use pay stub template which have all the essentials mentioned on it. Y — Deferrals under a section 409A nonqualified deferred compensation plan. Report on Form 8889, Health Savings Accounts (HSAs). As a verb payroll is GG — Income from qualified equity grants under section 83(i). Core HR It shows your total earnings for the pay period, deductions from the total, and your net pay after deductions. Footnote 2. I can show you how to identify which email should be used so that they can view their pay stubs in QuickBooks. Once an employee elects their preferred withholdings like healthcare and 401(k) contributions, the employer must send a receipt of that information to the Internal Revenue Service (IRS) for reporting purposes. ePayroll av ailability ePayroll (ePaystub and eTime) is available 24/7 except during short maintenance periods. The employee’s final pay stub will show that they were paid $50,000 for that year, but their W2 will only report the taxable portion of the employee’s income. In this article, we’ll discuss how you can leverage an award like Best Payroll Software to make an informed payroll purchasing decision.