Generating a Paystub Online? Here’s what you’ll need
As a small business owner, while providing pay stubs to your employees/contractors is important, it may not always be at the top of your to-do list. Using an online pay stub generator will help to greatly reduce the workload of creating pay stubs so that you don’t have to spend too much of your valuable time on administrative work.
123PayStubs is a trusted online pay stub generator that will help your business create professional pay stubs with accurate tax calculations in minutes. When you create your pay stubs online, all you need to do is input the necessary information, and 123PayStubs will take care of all the calculations for you. After your calculations are complete, you can download, print, or email the error-free pay stubs directly to your employees.
As mentioned above, generating a pay stub only requires a few essential components to be complete. One of these components being entering the correct information into your pay stub template. Gathering and organizing all of the necessary information you will need before you create your pay stubs will make the process even more convenient and simple. The information you will have to fill out your pay stub template with includes:
Company Information
As the business owner, you should know this information like the back of your hand. Although it is straightforward, it is still very important to make sure you get this information correct.
This information includes your company name, Employer Identification Number (EIN), and company address. Your Employer Identification Number is the unique nine-digit number assigned to your business by the IRS. It is important you know this number and input it correctly into your pay stub template.
An additional bonus feature of using a pay stub generator like 123PayStubs is the pay stub templates. 123PayStubs offers a wide variety of professional, simple, and free pay stub templates. You can choose whichever template you like and customize it to suit the needs of your business and employees. Also, after you’ve chosen a template to adhere to, you can take advantage of having certain information pre-filled into your templates for an even quicker filing.
Employee/Contractor Information
The employee/contractor information you will need to provide in this section includes their name, social security number, wage rate, hours worked, and filing status (single or married). This information can be pulled from the W-4 or W-9 that you had your employees/contractors complete upon being hired.
Your employees/contractors wage rate is the compensation paid to them for their labor. Wage rates should relate to a certain time period such as hourly, weekly, or monthly. 123PayStubs makes it easy to add different/multiple wage rates on employees pay stubs.
Pay Schedule Info
This section is where the calculations begin so it is crucial you know what to input and that you do it correctly. If the information you provide is correct, your calculations will be correct as well. And fortunately, with 123PayStubs, you won’t actually have to make any of the calculations yourself!
The information in this section includes your payment schedule, pay period start/end, payday, and stub number.
A pay schedule is an established length of time over which you record your employee’s hours and wages earned. With 123PayStubs, you can choose this length of time to be weekly, bi-weekly (every two weeks), semi-monthly (twice a month), monthly, quarterly, semi-annually, and even yearly. It is beneficial to create a payment schedule and stick to it. This will eliminate any confusion your employees have about payday and it will make creating your pay stubs easier. After you’ve chosen your pay schedule, you pay period will be the specific days this schedule begins and ends.
Once this information is provided, 123PayStubs will accurately calculate everything for you automatically. These calculations include Federal and State income tax withholdings, FICA taxes, Year to Date (YTD) Calculations, and withholding calculations based on your employees W-4s.
123PayStubs
And just like that, you have professional pay stubs for all of your employees and contractors!
123PayStubs is a user-friendly paystub generator that handles your uploads, tax calculations, provides unlimited cost-free corrections and professionally designed pay stub templates all at the lowest cost in the industry!
Even with all that, 123PayStubs is more than just an online pay stub generator. With 123PayStubs, you can also meet your quarterly and annual filing requirements with ease. 123PayStubs supports Forms 1099-NEC/MISC, W-2, 941, and 941-X. E-filing these returns is quick, accurate, and secure with 123PayStubs.
