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Jun 27, 2017

With every job comes a paycheck. But there are many different ways that money gets to your bank - or hands. From direct deposit to payroll cards, here are a few ways you can get paid. 
Physical paycheck: With the increase of various technology, paper paychecks have started to dwindle, but some people still prefer to get their check in hand and take it to a bank. A paycheck is simply the paper document that pays employees for their work. 
Direct deposit (with an electronic paycheck): Direct deposit is exactly what it sounds like: The direct depositing of money into an employee’s bank account. Perhaps the most popular way to receive salaries and wages, those who choose direct deposit still receive an electronic paycheck by their employer. Generally, these are found in the employee portal of whatever payroll or human resources system being used. 
Prepaid payroll cards: These cards are prepaid cards onto which an employer loads your wages or salary every payday - as an alternative to the aforementioned methods. Because they’re issued by Visa or MasterCard, they’re similar to a credit or debit card. They are also re-loadable, so employees don’t need to receive a new one with each pay period - unless it is stolen or lost. 
Cash: For few employers, paying an employee in cash is an option. While it is not illegal, calculating the correct taxes to withhold can become complicated, making some employers veer into bad practices (or paying under the table to avoid taking out the proper taxes). Generally, companies without payroll systems are those who pay in cash. 
Bitcoin: Not widely known or popular (but slowly growing in steam) is Bitcoin - a digital payment system. Originally created as a reward for software mining, it can now be exchanged for products or services in legal (and illegal) markets. 
Stipend: A stipend is a form of payment in a lump sum in lieu of a salary, generally for work performed during an internship or apprenticeship. For example, a journalism student working a summer as a reporter for a newspaper may be paid a $500 stipend at the end. 
No matter how you get paid, you can use our salary calculator to check your check before it’s in your hands! 

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