Stick it to the Man. 10 million fellow entrepreneurs have already ditched their office-life. Self-employment is an attractive alternative for those with a distaste for a cubicle.
However, being your own boss isn’t easy. There’s a different Man that’ll hold you accountable — the government. There are loopholes, regulations, and different licenses required for independent contractors.
And the government has one thing on its mind: your taxes.
You’ll be making money (hopefully), and you have to pay the piper. That’s something you’ve always had Jan in accounting do for you. But Jan doesn’t work at your company; in fact, no accountants do.
Pay stubs are what you seek. You can generate them in-house or through a service. They’re how you’re going to pay yourself and maintain stringent tax regulations.
So, don’t tax yourself with researching too much. We’ve got the know-how on self-employment pay stubs.
One for All, All for One
You’re a lone wolf, through and through. You don’t need any help with your taxes or payroll.
First thing’s first. Consult with the IRS tax compliance to calculate your withholding amounts. It changes yearly, so if you’ve stumbled across this blog in the future, a general percentage won’t do you any good.
Next, embrace your creativity.
There are different payroll stub philosophies. They range from Excel spreadsheets to official letterhead. We suggest a paycheck stub creator for its ease of use.
Each school of thought accomplishes the same goal. The pay stub is a snippet of an employee’s earnings, minus their deductions. Don’t over complicate it.
A consistent record of pay stubs and an official W-2 proves your constant employment. Proof of employment is an asset. It’s needed for loan agreements and credit requests that require a sign of good risk.
Banks won’t lend money to someone that has no employment history. It’s a defaulting risk they’re unwilling to take. Use your tidy records to prove your healthy employment status.
A Service for Self-Employment Pay Stubs
Clients and business partners jammed your email inbox. There’s a pile of unsigned papers on your desk. And you just spilled your morning’s nectar (coffee) on your slacks.
You’re too busy to be doing payroll and managing a company. That’s understandable. Admit to yourself that you need some help, and you’ll feel the pressure flee from your shoulders.
There are specialized services that externally do payroll accounting. Services create the stubs, calculate the withholding, and distribute the checks. It’s a worthy investment for the busy business owner.
Reliable services aren’t hard to find. Your bank’s business center is a one-stop resource for small businesses. They’ll have an affiliate program.
If not, there are a myriad of choices of online sources.
But don’t just look at the price tag of these services. Clarify with the provider if they’re bonded or insured. Errors in payroll withholding can result in hefty government penalization.
Having the IRS on your back is the last thing a small business needs. Especially one that has paid for a quality service.
We Hope You’ve Paid Attention and Your Employees
Congratulations on breaking away from corporate’s shackles. Leaving behind cubicle-mates and stale cafeteria coffee is a big leap.
But with freedom comes lots of responsibility, including paying your employees and yourself.
There are two avenues of self-employment pay stubs. You can create your own or pay for an accounting service.
Doing it yourself is free, but it costs your time. Having a payroll service is less pressure on the boss (you!), but it does cost the business. Whichever you choose will be the right choice. We’re glad you’ve paid attention to us, now go pay your employees!
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