To generate paystubs as someone self-employed, you generally need to pay. There are free paystub generators out there, but not all are going to provide everything you need. That’s why it’s crucial to find the right ones.
Most free paystub generators for self-employed individuals are going to cost you. Though there are free ones, not all deliver up to the expectations. In a paystub generator, you’ll need to look for one that has accurate calculations, with them being the year to date. A paystub generator should be like this whether it’s free or not.
How to take advantage of free paystub generators?
Most companies offer to generate one or two free paystubs where you’ll need to pay about $2 to $3 to create new ones. Some companies also provide free paystubs up to a certain amount of time, like a month. Again, you’ll need to pay to continue generating paystubs.
One of the few days people take advantage of these free deals is going from one company to another and essentially using the free generators until they need to pay. You can do this as long as you want, but considering the time you need to invest in it, you might want to pay eventually. After all, your time is valuable, and it’s better to put that into your business rather than hunting for free deals.
Consider making your own paystubs
You can create your own paystubs rather than using a generator. In any paystub for self-employed individuals, they need to have the following information.
- Enter your state
- State that the paystub is for you as someone self-employed
- Enter your personal information like full name, address, Social Security Number, etc.
- Enter your company information
- Enter further details like hours worked, your wage, hourly pay, etc.
- State any deductions from the income
- Enter federal, state, and local income tax withholdings
1099 for contractors
As a business owner, you will likely hire a contractor to do something for you or your business at some point.
Filling out 1099 for contractors as self-employed is no different than filling out the form regularly. The same as usual, enter your company information, including Employer Identification Number. Then, enter the information about the contractor as stated on the W-9 along with the payment amount.
After entering these, furnish the contractor by January 31, the following year. The sooner you do this, the better, as it will save you time for other paperwork. You also need to send this information to the Internal Revenue Service using Form 1096.