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The employer pays their $400 share, but because it can't be tax-free, it is considered taxable income to you, as if you had gotten a $400 per month raise and used it to pay the insurance premiums. 2023The Regents of the University of California, Download Taxable Employee Non-Cash Award or Gift Reporting Form (PDF), Understanding the Taxability of Employee Non-Cash Awards and Gifts, Taxable Employee Non-Cash Award or Gift Reporting Form, UC Policy G-41, Employee Non-Cash Awards and Other Gifts. . If you are paid in cash, you can easily create one using our, The first thing you should do is study how its formatted and the fundamental. These are known as pretax deductions and include contributions to retirement accounts and some health care costs. 2021 Guide to employee pay stubs with Hector Garcia | QuickBooks Payroll, Important pricing details and product information, Pay stubs are important for a number of reasons: visibility, accountability, and, , to name a few. John is issued a cell phone valued at $150 on his first day of employment, and he signs/dates a payroll deduction authorization that states: I, John Smith, have received a cell phone valued at $150 to use in conjunction with my work assignments with Any Company. Understanding the basics of pay stubs might be difficult if this is your first job or youve never paid attention before. Employers must also keep at least two years of records showing wage rates, job evaluations, seniority and merit systems, and collective bargaining agreements. 2023 Forbes Media LLC. How does gross compensation differ from net pay? This way you can tell how much of your. A common way that pay stubs are presented to employees. Base salary does not include benefits, bonuses or any other potential compensation from an employer. Deductions for health insurance or life insurance. The pay stub then details the taxes and deductions that are taken out of the. On her first day of employment, Sally is told that if her cash register is short, and she is subject to deductions from her pay to recover the shortages.