Paperwork glossary
A payslip details your pay: gross salary, tax and social contributions withheld, other deductions and net pay. It proves your income and helps you check your tax and pension contributions.
Also known as: pay stub, pay slip, earnings statement
Every employee is entitled to an itemised payslip. You also receive a P60 each year and a P45 when you leave a job.
How long to keep it: Keep your P60s for several years; payslips at least until you have checked your tax and pension.
Official services: gov.ukFederal law doesn’t require pay stubs, but most states do. Each January you receive a Form W-2 summarising your pay for your tax return.
How long to keep it: W-2s at least 3 years after filing; pay stubs until you have checked your W-2.
Official services: usa.govProvinces require employers to give a pay statement. Each year you receive a T4 slip (plus an RL-1 in Quebec) for your tax return.
How long to keep it: At least 6 years for the annual slips.
Official services: canada.caEmployers must provide a payslip within one working day of paying you. Your yearly income statement is available in myGov through Single Touch Payroll.
How long to keep it: Several years, at least until your tax return is assessed.
Official services: my.gov.auRules change regularly and can depend on your state, province or region: if in doubt, check with the relevant authority.
File every payslip in the Vault and track your income month by month in your budget.
Ecomely keeps your documents in a secure vault and reminds you before every deadline. Free to start.
