Doing Timekeeping The Right Way

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Create Your Own Pay slip as Proof of Income

Self employed individuals who run their own business can do whatever they want. You don’t have to work for someone anymore and you can dictate your own salary based on how much you want to work. There are also drawbacks to being self-employed. When applying for a loan or a credit card, you need to show proof of income which are not able to do. So it is best if you have a payslip instead of showing the lender your entire bank account.

Regular employee paychecks come with a detailed pay slip which shows how much they earned, how much deductions are to be taken and the final amount which they take home. A template is used by employers to document that number of hours you have worked, your gross income and you net income after deductions are paid. Self employed people have only themselves who know how much they earn and so if they are applying for a loan, it can be difficult to prove your income. You can have real proof of income by using a template to create your own pay slip complete with appropriate tax deductions. Similar to what employees receive, you can create a pay stub complete with your company name and address on it. If you do this on a weekly basis then you can then have proof income whenever you need it. You don’t really have to also write a paycheck for yourself, but just make sure that you have proof of income available.

The office supply store and the library are some of the places where you can get a pay slip. But, since most self employed people and small businesses rely on a computer to track all their finances, you should look online for your templates. If you do a careful search of the different kinds of pay slips available online, you should be able to find exactly what you are looking for. You can then create a pay slip of your own which will show your gross income, taxes, deductions and your net pay, and you can create the same with your employees also. This pay slip will make it much easier for you if you decide to apply for a loan and need to show proof of income.

Through online templates, you will be able to provide some proof of your income if you are self employed and use it for whatever purpose your need it.

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