Payslip abbreviations

Browse the list of Payslip abbreviations with their meanings and definitions. Payslips vary from company to company, but all payslips must show the following: 1. Gross pay:this is your full pay before any tax or National Insurance has been deducted 2. Net pay:the amount you take home after deductions have been taken off 3. Variable deductions:these are deductions that could change each payday, such as tax and National Insurance (NI). Your payslip should show how much these are 4.

Fixed deductions:these are the deductions that remain the same each payday, such as a season ticket loan. Your employer doesn’t have to say what they are, but it will need to provide a separate statement with full details at least once a year 5. Part payments:if you have received a cash payment and a bank account payment, this will need to be highlighted 6. See full list on moneysupermarket. You might also find some of the following information on your payslip: 1. The tax period:you may see a number that represents the tax period for that payslip – so if you are paid monthly, would mean April as it’s the start of the new tax year, would mean May, and so on 3. Your tax code:this shows the rate you’re taxed at and is worth checking as if it’s wrong, you could be paying too much or too little tax (see more on tax codes below) 4. Date:the date your pay is credited to your account 5.

Your National Insurance number:you need a NI number to work in the UK and you keep the same number throughout your working life. If your employer contributes too, that amount might also be di. Your tax code is usually the amount you can earn without paying tax minus a zero, followed by a letter – the most common letter is L. You can see a full list of the letters on the gov.

If you think you’re entitled to a tax refun you can make a claim on the gov. Some of the abbreviations you might find on your payslip include: 1. BACS – Bankers Automated Clearing Services: an electronic payment scheme 2. BA – Bereavement Allowance: an allowance given to widowers or surviving civil partners 3. NI – National Insurance:a tax you pay to contribute to state benefits 6. PAYE – Pay As You Earn:a tax deduction taken by HMRC 7. SAP – Statutory Adoption Pay:paid to parents on leave after adopting a child 10. Pension EE:employee’s pension contribution 8. ShPP – Shared Paternity Pay:paid to parents sharing time off after having a child 11.

SMP – Statutory Maternity Pay:paid to mothers on leave after having a child 12. SPP – Statutory Paternity Pay:paid to fathers on leave after having a child 13. SSP – Statutory Sick Pay:paid to employees who are absent from work due to illness 14. Every kind of pay will have an abbreviation on your pay stub.

Add Pay – Additional pay.

BRVMT – Bereavement pay. What does payment method mean on a payslip? Most employers will pay your earnings directly into your bank account.

This is done through a system called Banker’s Automated Clearing Services, or BACS for short – which is what you’ll normally see on your payslip. UK payslip abbreviations. It should also show taxes and any other deductions that have been taken out of your earnings.

Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Fast, easy, accurate payroll and tax, so you save time and money. Decoding Pay Stub Abbreviations. You are going to see several abbreviations on your paycheck. This is just a way to save time and space on your pay stub.

But, when you are trying to decipher it all, it can look pretty intimidating. On your pay stub, you’ll see some common payroll abbreviations and some that aren’t so common. HMRC explains this may be used when an employee hasn. Overpayment An employee has been overpaid for wages.

But understanding what it all means is really important – how are you going to. Payroll Terminology and Acronyms The world of wages is full of specialist payroll terminology and acronyms that payroll managers need to be aware of before they can begin to administration employee wages. Below we explain a proportion of these phrases and terms in an easy to understand manner. What Do the Abbreviations Stand for on the Back of Payroll Checks?

One of the benefits of utilizing a payroll service is that it saves you from worrying about the details associated with issuing pay and withholding taxes. S = Supplemental Wages. The supplemental flat tax rate may be used if the payments is NOT paid with regular wages.

If the payment is made with Regular pay, the payment is taxed based on the employee’s W- otherwise the payment is taxed at the supplemental flat tax rate in effect at the time the payment is made. Contact the CPA Contact the CPA.