A payslip is a small document, mainly a slip of paper, which contains records of an employee’s wage or salary, including details of insurance paid, tax paid, pension contribution and other charges.
A payslip is issued by employers to all the employees in every organization. Every employee of any organization has the right to a payslip. It is issued to an employee at the end of every month or the agreed time of payment between an employee and employer.
It is mainly prepared at the accounts department by the employee who prepares the payroll – mostly the accountant, and later distributed to all the employees of an organization, either using email or as a hard copy.
Indicated in the payslip is,
– The total monthly pay with no deductions taken i.e. the gross pay
– The income tax – which is the amount of money paid by the employee to the Inland Revenue. This amount is based on the employee’s total income
– The National Insurance Contribution, which is a contribution made by employees to…