The law does not require employers to provide a pay stub. It is an explanation when people are not able to provide a pay stub when required. Certain occasions might be an issue. Income document proof are needed to be verified for some transactions.
Pay stubs serve as proof that you have an income. Dealings that ask for a proof of income will be a struggle for a person that does not have one. It may seem unimportant to those who receive one. As an indicator that you are paid correctly, pay stubs are given. Deductions, taxes withheld and contributions are information that you can get from pay stub as an employee.
A proof of income is needed when you apply for personal loan. It is an assurance that you can pay for the loan. The creditors may have specifications for this document. A few months’ worth of pay stubs or just one month worth may be required of you.
Auto loans are another thing that needs a proof of income. With the pay stub presented you are showing your capability to pay the loan. The pay stub serves as your proof of income. The money needed for the car’s purchase will dictate how much income is required from you. The proof of income can attest that you meet that criteria.
Filing for taxes in the beginning of the year is made easier when you have pay stubs with you. The last pay stub in a year indicates how much taxes are paid and income are received. If you have health benefits it will be indicated in the pay stub as well. To correct whatever discrepancies there are in a wage and tax statement, pay stubs are required.
Another transaction that requires a proof of income is house rental. The document will serve as proof that you can manage to pay for the house rental. You will be asked by apartment complexes to show pay stubs from your monthly incomes. The pay stub will serve as proof of how long you have been in a workplace. They will likely reject an application from someone who just started working for a company. It means that they find your income unstable. It can be said that you will easily be approved if you worked for the same company for a long time.
Lenders will also look for pay stubs from those who want to refinance their mortgage. A proof of income will serve as your ability to pay the loan. The loan application process will be easier if you have pay stubs.
Accident compensations too will require you to present pay stubs. Your income that will be missing out is what the document will indicate.
In this site you can find sources of material regarding pay stub generators.