saving pay check stubs

britbritmayMay 10, 2003

Everything is online where I work at. We get out paystubs off of a website. I print mine out to keep. I have a coworker who does not and tells me there is no reason to do so. Should I be keeping all this? She tells me that you get a copy of the numbers at the end of the year for taxes. Yes, but they are not as detailed. Should I keep?

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dadoes

YES, keep copies of them.

I had a situation several years ago in which the bookkeeping/accounting person had no freaking clue what she was doing and wasn't depositing payroll taxes. When the situation was discovered and the girlie fired, her replacement had to research all the records. When all was said and done and a new system in place, it ended up that my records were still not correct, several weeks of payroll taxes were missing from the totals. I had all the original check stubs to cross-reference and get the numbers corrected.

By the way, I believe it is illegal (on either the state or federal level) for employers to NOT provide a detailed paycheck stub in some form. I'm assuming your company has an intranet that all employees can access from work and/or home to get the information. Otherwise, they would probably have to provide a printed checkstub.

    Bookmark   May 11, 2003 at 1:41AM
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britbritmay

Thanks for your response. Yes they provide them to everyone. In this case the gal next to me is telling me no reason to keep. I will go ahead and keep mine just in case.

    Bookmark   May 11, 2003 at 1:35PM
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joyfulguy

Another reason for keeping them is that they'd better add up at year-end to the amount that the employer claims to have paid you when you receive your "Employment Income" report for your tax return.

Have a great week.

joyful guy

    Bookmark   May 13, 2003 at 5:39AM
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Sunny3

I would keep them for at least a year until the year-end statement comes out.

    Bookmark   May 20, 2003 at 7:01PM
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joyfulguy

Hi again,

When checking at year end to see whether employment payments equals amount claimed to have been paid for income tax reporting, check deductible, charitable amounts that may be involved, as well, of course.

ole joyful

    Bookmark   May 31, 2003 at 2:10AM
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klimkm

If you get laid off, you might want to have at least a few stubs to prove the salary that you made at the position. Sometimes the companies you are interviewing want to verify your previous income. Just to make sure they aren't going to pay you too much. (Fat chance of that these days anyway!) And yes, this is legal for them to do.
I got laid off January 2002 and am still holding to my last stub as I have yet to find another full time position.

    Bookmark   July 25, 2003 at 4:17PM
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Don_

One other reason to keep your records is to verify that your social security was properly credited. You can check this yearly with social security. It is important.

    Bookmark   July 31, 2003 at 4:22PM
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