REFERENCE
GUIDE
A
B
C
PAYSTUB GUIDE
Terms
Income
Monetary payment received during a period of time in
exchange for labor or service.
Pay
Frequency
How often income is received from
an employer
Base
Income
Fixed income amount that does not include: Bonus,
Overtime, Commissions, or other types of pay. This is
typically called salary, regular pay, or base pay.
Deductions
An item(s) that is subtracted from the gross
income. IE: Insurances, Taxes, and retirement
Gross
Income
Total income before any deductions are taken
Net Income
Total income after all deductions are taken
PAYSTUB REQUIRED INFORMATION
Pay Statement (This statement of earnings and deductions. This pay statement is non-negotiable)
Employer’s
name & address
Guaranteed Rate
3940 North Ravenswood Avenue
Chicago, Illinois 60613
Current Earnings:
Gross Income
YTD Income
Pay Period
& Pay Date
07/01/2013
07/15/2013
07/19/2013
$2,367.18
Pay Details
Paystub Required Information
Penny Public
Employee’s
name & address
Pay Statement
Period Start Date
Period End Date
Pay Date
Net Pay
Employee
Number
SSN
Job
Pay Frequency
4721 N. Malden
Chicago, IL 60640
000172487
xxx-xx-xxxx
AVP A
Semi-Monthly
Earnings
Pay
Group
Location
Function
Federal Income Tax
S1
IL State Income Tax
S0
(Residence)
IL State Income Tax (Work) S0
SALARIED
EMPLOYEES
Naperville
022411Naperville
Deductions:
Taxes
Insurances
Retirement
Loans,
Child Support,
Garnishments
Deductions
Pay Type
Commission
Bonus
Overtime
Regular Pay
Hours
0.0000
0.0000
1.5500
86.670
Total Hours
88.2200
Pay Rate
$0.0000
$0.0000
$51.1900
$34.1300
Current
$1,565.00
$147.95
$79.52
$2,958.33
YTD
$3,765.00
$2,090.58
$1, 598.02
$41,416.62
Employee
Deduction
401(k) Savings
Health Insurance
401K Loan
STD
Suppl Life Ins
Child Support
Pre-Tax
Yes
Yes
Yes
No
No
No
Current
$821.92
$5.34
$120.00
$12.25
$10.36
$150.00
YTD
$8,454.55
$69.42
$1,560.00
$159.25
$134.68
$1,950.00
Taxes
Taxes
Employee Medicare
Federal Income Tax
IL State Income Tax
Social Security Employee Tax
Current
$67.15
$719.04
$190.45
$287.11
YTD
$654.58
$7,332.15
$1,942.03
$2,927.59
Net Pay Distribution
Plan
Free Time
Current
7.3400
Balance
95.4200
Account Number
Check amount
Total
Account Type
Amount
$2,367.18
$2,367.18
Net Income
Pay Summary
Current
YTD
APRIL
Gross
$4,750.80
$48,870.22
FTI Taxable Wages
$3,803.54
$38,786.25
Taxes
$1,263.75
$12, 886.35
Deductions
$172.61
$2,243.93
Net Pay
$2,367.18
$23,655.97
Common Frequency PAY PERIODS
Weekly
Bi-weekly
Base Income x 52 weeks
= monthly pay
12 months
Income regularly paid within
a set period of time of 7 days
Semi-monthly
Base Income x 26 weeks
= monthly pay
12 months
Income regularly paid within
a set period of time of 14 days
Base Income x 24 weeks
= monthly pay
12 months
Income regularly paid twice a
month. Number of days can vary.
Monthly
Base Income = monthly pay
Income regularly paid once
a month. Number of days can vary.
Things to WATCH FOR
Does the Employer’s name match the previous
year’s W-2 and Encompass?
If paystub and W-2 match update Encompass
Does the Employee’s name match the previous
year’s W-2 and Encompass?
If paystub and W-2 match update Encompass
What is the frequency of pay for the Employee?
Use the Income Calculator on the Resource Center to confirm
What type of income are we using to qualify?
If using Overtime, Bonus, Commissions, or Tip Income we need a full written VOE
(Verification of Employment)
(Base, Overtime, Bonus, Commissions, Tips)
Is the Employee’s Income stable?
(Increasing, Decreasing, Same)
Are there any unexplained deductions?
(Loans, Child Support, Granishment, etc.)
Is the paystub legible and non-altered?
(Numbers add up correctly, no redactions or corrections)
Note
Not legible or redacted obtain a better copy from the Borrower
Alterations or corrections contact your Manager
Paystub(s) should be current and must be dated within 30 days of the Application date covering a 30 day period.
04/14/2016 AN
Paystub Guide | 1
Updated 4/29/2014
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