You’re self-employed and you need to establish proof of income. Now what?
Fortunately, generating pay stubs as proof of income is quick and easy. And it can serve as a proof of income for anyone who is self-employed.
To help you out, I put together this post on everything you need to know in order to generate pay stubs.
So you’ll be able to show proof of income as a self-employed worker without having to jump through hoops!
Sound interesting? Keep reading to find out more!
Table of Contents
Why Have Pay Stubs?
The federal government doesn’t require the creation of employee pay stubs. And that means there are a lot of scenarios where they aren’t generated.
Plus, with the emergence of more and more freelance workers, we increasingly find ourselves in situations where pay stubs aren’t standard.
Yet there are many reasons why having proof of income is vital. If you are getting a new car or a new apartment, for example, you’ll often be asked for one. The same is true if you’re applying for a loan.
So, it makes sense that you learn how to create them for whenever the situation arises.
Check Your Exact Amounts
If you’re self-employed, there’s likely no one around to double-check your earned income amounts. So it’s on you to make sure that you are on top of the exact amounts you have been paid for your work over any specific time period.
And that means to the penny. It will seem fishy if your generated pay stubs have numbers rounded to the nearest dollar. And if you are making estimates on what you earned, that will seem shady as well.
Check for Errors
When you create a pay stub, you need to double-check for any errors. After all, a pay stub is an official document that you might be using for serious endeavors like applying for a loan.
So you don’t want misspellings or inaccuracies. Make sure there aren’t typos and spelling errors, and that all of the numbers are correct. And make sure the stub is easy to read and formatted legibly.
Include the Right Information
It’s not enough to simply type up what you earned in a pay period. A legitimate pay stub also has other information on it.
Make sure you list your taxes, your contributions, and your deductions. This includes health benefits and 401K contributions.
Also make sure you include your gross pay, which is how much you took in before any tax deductions. Then also mark down your net pay, which is how much you actually earned after all your deductions.
Use a Pay Stub Creator
Save yourself a ton of time by using an online pay stub creator, like this one by PayStubCreator. It’s a lot easier than trying to create one from scratch.
Plus using an online generator will keep you from leaving out vital info, or entering the wrong data.
Proof of Income Is Easy
As you can see, it’s easy for people who are self-employed to provide proof of income via a pay stub.
And if you are stuck without the right computer to create your pay stub on, check out this blog on the best desktops for 2019!