Things have become “automagical” these days. Just think of how you get paid for instance. More than 93% of Americans receive income through direct deposit.
Sounds pretty popular, doesn’t it? Yes, our lives have become so much simpler, but what happens when you need a printed pay stub? Do you even know when you’ll need a pay stub for proof of income?
If not, don’t worry, we are here to help. Read our guide below to learn everything you need to know.
1. Personal Loan
To ensure you’ll be able to repay your loan, proof of income is required. A printed paystub will do. Depending on the lender, you’ll be asked to provide your most recent pay stub or a couple of months.
2. Auto Loan
Just like with a personal loan, when applying for an auto loan you’ll need to provide a pay stub for proof of income. This is because they’ll need it for financing your car. You may need to make X amount of dollars to properly file.
3. Accident Compensation
Suppose you were in an accident that prevented you from working for a certain number of days. A printed pay stub will come in handy when you need to file for compensation. When you apply, proof of income will be necessary to ensure you are compensated fairly.
Without a pay stub for proof of income, there will be no way to see what you would typically be making if you hadn’t been in an accident.
For filing taxes, a pay stub will make the job effortless. Wherever you decide to file your taxes, your final pay stub of the year will have your income and taxes paid. If you are an employee, your employee will provide you with a W-2 which will have everything you need to get the job done.
When moving into a new home or apartment, there is a pay stub requirement. Your future landlord will want to see proof of income to ensure you can afford to live there. You will most likely need to provide multiple pay stubs signifying long term employment.
If you just landed a new job, you may find it difficult to move in right away. Landlords want their tenants with a steady income to prevent future issues down the road. When it comes to having a roof over your head, stability at the workplace pays off.
Do you need to physically hand a printed pay stub to your potential landlord for proof of income? A paystub generator is how to create a paystub without any hassle.
Have a Printed Pay Stub in Your Possession
Do you have a printed pay stub in your possession yet? Having one on file will set you up for future needs. When it comes to your money, it pays to plan.
You don’t need to stop there. There is plenty more to learn and explore.
We encourage you to stick around and browse our business section. When you get great advice, your life will run so much smoother.