Paycheck

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A paycheck, also spelled paycheque, pay check or pay cheque, is traditionally a paper document (a cheque) issued by an employer to lớn pay an employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to lớn the employee's designated ngân hàng tài khoản or loaded onto a payroll thẻ. Employees may still receive a pay slip to lớn detail the calculations of the final payment amount.

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A salary statement, commonly called a payslip, pay stub, paystub, pay advice, or sometimes paycheck stub or wage slip, is a document received by an employee that either includes a notice that the direct deposit transaction has gone through or that is attached to lớn the paycheck. Each country has laws as to lớn what must be included on a payslip, but this typically includes details of the gross wages for the pay period and the taxes and any other deductions the employer is required to lớn make by law as well as other personal deductions such as retirement plan or pension contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to lớn arrive at the final net amount of the pay, also including the year to lớn date totals in some circumstances.

Electronic paychecks[edit]

In most countries with a developed wire transfer system, payment of wages and salaries is increasingly being effected by electronic means, rather than vãn by the use of a physical cheque. This saves the company money on printing and processing cheques and reduce the problem of fraud. However, vocabulary referring to lớn the figurative "pay cheque" persists in some languages, but this commonly refers to lớn a payslip or stub rather than vãn an actual cheque. Some company payrolls have eliminated both the paper cheque and stub, in which case an electronic image of the stub is available on a trang web. Most of the provinces and territories in Canada allow employers to lớn issue electronic payslips if the employees have confidential access to lớn it and are able to lớn print it.

Payroll card[edit]

For employees that tự not have access to lớn a personal ngân hàng tài khoản, most major payroll service providers can arrange for the net pay of an employee to lớn be loaded onto a payroll thẻ, which is a plastic thẻ similar to lớn a debit thẻ. A payroll thẻ functions lượt thích a debit thẻ and allows an employee to lớn access their pay.^[1] A payroll thẻ is typically less convenient than vãn cashing a paper paycheck, because the thẻ can be used at participating automatic teller machines to lớn withdraw cash (which usually requires the employee to lớn pay a hefty fee to lớn access their own money and always have daily limits for how much of their own money an employee can access daily) or in stores to lớn make purchases. Most payroll cards will charge a fee if used at an ATM more than vãn once per pay period.

The payroll thẻ tài khoản may be held as a single ngân hàng tài khoản in the employer's name. In that case, the ngân hàng tài khoản holds the payroll funds for all employees of that company using the payroll thẻ system, and an intermediary limits each employee's draw to lớn an amount specified by the company for a specified pay period. Some payroll thẻ programs establish a separate tài khoản for each employee. Most payroll thẻ accounts in the United States are insured by the Federal Deposit Insurance Corporation.

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Before a company can give a payroll thẻ to lớn a worker, the business must first contract with a payroll thẻ program manager. The payroll thẻ company performs required "know-your-customer" due diligence as a condition of accepting the application.

In the United States, payroll cards are regulated by state wage-and-hour-laws and by a variety of federal laws including the Electronic Funds Transfer Act^[2] and the Consumer Financial Protection Act.^[3]

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Businesses may elect to lớn use a payroll thẻ program in order to lớn reduce payroll expense. According to lớn Visa, it costs an employer about 35 cents to lớn issue pay electronically but two dollars to lớn write a paper paycheck.^[4]

Payroll warrants[edit]

Payroll warrants look lượt thích cheques and clear through the banking system lượt thích checks and are therefore often called paychecks by their recipients. But they are not checks because they are not drawn against a checking tài khoản. Instead they are drawn against "available funds" that are not in a ngân hàng tài khoản sánh the issuer can delay redemption. In the U.S., warrants are issued by government entities such as the military and state and county governments for payroll to lớn individuals and for accounts payable to lớn vendors.^[5] Deposited warrants are routed to lớn a collecting ngân hàng which processes them as collection items lượt thích maturing treasury bills and presents the warrants to lớn the government entity's treasury department for payment each business day.

In the UK, warrants are issued as payment by National Savings and Investments when a premium bond is chosen.