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A payslip contains important information, including someone’s payroll number, gross income (the income before any taxes and deductions have been taken out) and netpay (what’s left after deductions have been taken off), and usually a tax code.
This can contribute to fiscal drag, which occurs when taxpayers are ‘dragged’ into paying tax, or a higher tax rate. This will positively impact the netpay of the majority of employees, but might not fully offset potential tax bracket changes. This could add further strain to employees.
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