What is a payslip?

A payslip, also known as a paycheck or pay stub, is a document provided by an employer to an employee detailing the amount of money earned for a specific pay period. It typically includes information such as the employee's name, address, employee ID number, pay period dates, hours worked, rate of pay, total earnings, deductions (such as taxes, insurance premiums, retirement contributions, and other withholdings), and net pay (the amount the employee takes home after deductions). Payslips are important for both employees and employers as they provide a record of payment and can be used for budgeting, tax purposes, and financial planning.