There are many benefits to being self-employed. For one, you can enjoy the flexibility and freedom that comes with being your own boss. You can set your own wages, choose when to work, and you don’t have to answer to anybody.
One of the downsides with being self-employed is when it comes to taxation and bureaucracy. People working salaried jobs for a company often have their taxes taken care of, as it comes right out of their salary.
As a self-employed contractor, you will need to report your income to the IRS and ensure you can accurately say how much you have made. For this, you’ll need to know how to get pay stubs online. Here’s why, and how to do it.
Why Do I Need to Get Pay Stubs Online?
Knowing how to get a pay stub when self-employed is crucial for staying on the right side of Uncle Sam. As a self-employed worker, you will need to file your taxes with a 1099-MISC form.
This is the form that the IRS uses to identify self-employed contractors. It is this form that you will use to report your work, how much you earned in payment, and all of your expenses. When filing your taxes using a 1099 form, you will need to provide evidence.
Since you don’t have regular paychecks to show the IRS, you simply have to create your own. This is where getting pay stubs online comes into play. You can use online software to generate authentic pay stubs with all of the information you need.
This will guarantee that you have the correct documentation at the ready for when the IRS asks for it.
How to Get Pay Stubs Online
If you want to get a pay stub online, there are plenty of ways to do it. The best is to use a widely-known, reputable online pay stub generator, such as www.thepaystubs.com, which serves independent contractors all across America.
With them, you can get your pay stub auto-generated with two minutes or less. All you need to do is go onto the site, enter your information, including state of residence, company name, hours worked, and salary, and hit ‘enter’.
Once this is done, you will receive a pay stub that looks almost exactly like a standard company paycheck. You can save this to your computer as a PDF, or you can print out a physical copy.
This can then be used when tax season approaches, or when you are applying for a loan or mortgage.
Things to Remember When Using Online Paystubs
Now that you know how to get a pay stub, it’s worth going over some key points. First of all, you will want to make sure that you definitely qualify as self-employed. You are most likely an independent contractor who needs to know about getting pay stubs online if:
- You set your own hours and can refuse work at will
- You supply your own working equipment and tools
- You work for more than one client or company
- You do not receive any additional benefits
- You use your own expertise to perform your job
If these apply to you, it’s time to start generating your own pay stubs online.
Learning how to get pay stubs online is just one step to ensuring a compliant, successful business. To learn more about succeeding in your own venture, make sure to read our comprehensive Business & Finance section for all of the expert news and advice you could need.