Do independent contractors need pay stubs?
If you’re self-employed or an independent contractor, you probably don’t get pay stubs like regular employees. There are times that you will need a pay stub as proof of income when you apply for a credit card or loan. Keep reading to learn how to generate a professional pay stub.
Employee and Independent Contractor
First of all, let’s define the difference between regular employees and independent contractors.
A regular employee will:
- Work for scheduled hours for a pay period
- Have taxes withheld from their wages
- Work for one company
- Have benefits like paid and sick leaves and health insurance
- Receive Form W-2 from the employer
Whereas, an independent contractor will:
- Do not have scheduled hours
- Do not have tax withholdings
- Work for more than one company
- Do not have benefits like regular employees
- Receive Form 1099 that lists the total amount of income you earned during the year from the employer
How to generate pay stubs for independent contractors?
Here’s how you can generate pay stubs for contractors using our free online tool:
- Enter your company details
- Choose a pay stub template
- Check the Contractor box
- Enter your personal details
- Choose your pay schedule and payday
- Enter your earnings, hours worked, and hourly pay
- Add additions or deductions if any
That’s it! Preview your pay stub whether the information is correct. If your information is accurate, you can complete the order and choose to download or email the pay stub. Now that you have a professional pay stub, you can use it as proof of income.
If you’re an independent contractor and in need of pay stubs, you can use our free online pay stub generator. It’s easy and convenient and takes only a few minutes to create your professional pay stubs.
Checkout this video to create paystub for contractors.
