The average annual pay for Americans was over $56,000 in 2015. In most cases, our payment and related information comes in the form of paychecks or pay stubs. The two aren’t much different and are often handed out together.
Getting a paying job is an important step towards becoming an adult, and many choose to celebrate this achievement by framing their first paycheck. However, this may not be the best idea, since pay stub access is going to be important in the future.
You may end up needing your pay stubs for a lot of different purposes. We’ll talk about some of them in the paragraphs below.
1. Verify Earnings
Chances are that your employer isn’t going to try to stiff you on your paychecks, but accidents happen. It’s not at all unheard of for someone to be exhausted after a long day and accidentally misplace a number or decimal point. Accidents can happen when you’re tired.
Whatever the cause may be, keeping your pay stubs can help correct pay issues when they come up. There are plenty of places where you can get a pay stub if your company doesn’t use them.
There is a seldom-talked-about idea in political circles known as the free-filing tax system. In this system, tax forms are done by the IRS and sent to US citizens, who then correct any errors, sign the form, and mail it back.
This system goes back at least to the 1980s. It was championed by Reagan, Obama, and now presidential hopeful Elizabeth Warren.
Until this system is signed into law, we still have to file our own taxes. To that end, pay stubs can help. They serve as proof of how much we make, and knowing what our income is will help us determine how much we owe in taxes and what our return will be.
3. Proof of Income
Proof of income is important for more than just taxes. You’ll need pay stub access when applying for any type of loan, and don’t think you can just avoid loans altogether. Getting any type of house or apartment will often require a mortgage loan.
You’ll also need a loan if you ever want to start your own business. In most cases, you’ll have to provide pay stubs to prove income over a period of three months. This lets the person you’re dealing with know that you have a job, and have held it for a few months at least, so you’re capable of paying back the loan.
Pay Stub Access and Why it’s Important
Pay stubs provide proof that you are employed and making money, which will make people more eager to deal with you.
You’ll need pay stub access for a lot of different things in life. We’ve mentioned some of the most important in the paragraphs above, but there are others out there. We encourage you to do more research on your own if you’re interested.
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