The full explanation
It also shows year-to-date totals. The federal wage law (FLSA) does not require employers to give you pay stubs, but it does require them to keep records of your hours and wages. For a mortgage, the lender may ask for your most recent one.
An example
For his preapproval, Luis sends the lender his most recent pay stub. The lender looks at his gross pay and year-to-date earnings to figure out his income.
You will see it in…
- Each paycheck, on paper or on your employer's website
- The document list for your preapproval
- Income requirements when you apply for housing or a loan
