5 Reasons a PayStub Generator Changes the Game for the Self-Employed
For those of us that are self-employed, signing up with a provider for your payroll activities can be a bit of a stretch financially. The idea of handling it yourself can also be daunting, but it is possible and will save you money in the long run.
Keeping your payroll professional is a key component of successfully running your business. You will need paystubs for many reasons. With 123PayStubs, you can create professional-quality paystubs in minutes, without breaking the bank!
Here are the top 5 reasons you should be generating professional paystubs.
You Need a Pay Statement
There are so many reasons why a paystub is important. One of the main reasons is that a pay stub provides proof of income. This is required by financial organizations and banks when applying for any kind of loan. This information is also required on your contractors’ taxes.
If you are paying back student loans on an income-based plan, you will need to submit income documentation. Being able to provide yourself with a professional paystub is a game-changer when it comes to DIY payroll.
With an online paystub generator, this process is simple and you can create professional pay stubs in minutes. You can customize your paystubs and either download and print them or even email them directly to your employees and contractors.
Eliminate Errors on Your Pay Statements
With 123PayStubs, we accurately calculate your Federal and State taxes, including Social security and Medicare taxes. This means you don’t have to break out a calculator, we’ve got you covered. You can even add tips, bonuses, overtime hours, and customize the paystub as needed for your industry.
Easily Track YTD Income
Tracking your Year-To-Date income is a must. Not only do you need this information for your records, but also for making financial projections. This gives you a simple tool for calculating the income that you are actually making after taxes.
Recordkeeping Made Easy
Once you have completed your first checkstub, the process gets even easier. You can simply update a few bits of information as needed on future paystubs in your account. There is no need to hire a bookkeeper or purchase accounting software for the sole purpose of tracking your income. All your paystubs will be available in your 123PayStubs account as needed.
Streamline your Tax Preparation at the End of the Year
The end of the year brings a variety of IRS tax deadlines. You will thank yourself for generating paystubs when it comes time to complete your W-2 and/or 1099 Forms. You will have to accurately report your income for the year and all tax withholdings to the IRS and/or SSA.
Our online paystub generator takes all the guesswork out of calculating tax withholdings. Our paystub generator determines the tax withholdings based on the state-specific calculations, making errors an issue of the past!
As you can see professional paystubs are necessary if you are handling your own payroll, not only do they provide you with a much-needed record of income, but they act as a record of the tax withheld from your wages.
Generate Professional PayStubs with 123PayStubs
Get started today with 123Paystubs. Create pay stubs in three easy steps!
- Enter Info– fill in the required information (company details, employee details, pay schedule info, etc.)
- Preview– Choose your template, review the information you provided, and make any corrections.
- Download– Print your paystubs! You can even email them directly to your employee or contractor!