Paystubs are arguably one of the most important documents to any business, big or small. But if you’re self-employed, its importance is far greater. It is up to you to accurately keep track of your receiving revenue. Sometimes it can be challenging to maintain a strict record of all pay related documents if you are self-employed. You need the tools to keep you as successful as possible and not report inaccurate tax related information come tax season.
Here at Check Stub Maker, we provide you with that tool, our intuitive, easy-to-use paystub generating software. Learn the three main ways we can help make your self-employment life easier by reading below.
Maintain a Detailed Record of Revenue
If you are someone who is self-employed, you know it can be stressful to make sure your paystub record is accurate. Having a reliable check stub generator to calculate and keep a record of your paystubs can benefit you in these ways:
- All revenue information is in one place
- Reduces the amount of errors
- Relieve the stress of pay days/tax season
- Utilize an effective tool for tax filing
- Not worry about calculating deductions
Two Words – Tax. Season.
The last thing you want to do is provide the IRS with paystub records that are not calculated correctly. Since there is significantly less risk of making errors when it comes to calculating taxes and deductions, our paystub generator is always up to date with tax codes nationwide.
Having all your paystub records in one convenient location, it makes filing your taxes simpler as you aren’t scrambling to collect all records of revenue. The possibility of an audit can be a frightening thought, so why risk it?
Deductions can be a tricky thing to understand and calculate accordingly. As a self-employed individual, it is up to you to identify both your Medicare and Social Security payments come tax season. Both programs are designed to benefit an individual who has been paying into these taxes later in life (usually after 65).
For Medicare, those who are self-employed, pays instead of 1.45%, pays 2.9% of your total income to make up for both the employee and the employer element that is normally deducted from your check stub. Same idea applies to paying your Social Security Tax; you pay 12.4% instead of 6.2% because of being self-employed.
Sounds complicated? Well, it can be at times. But with the right software, that can all be easily kept track of and calculated. Try our Paystub Generator and see how our system can make the payroll aspect of being self-employed a bit easier for you.