If your company works with freelancers, how can you help them with proof of income?
Freelancers, by nature, are self-employed. Without a regular employer, freelancers can struggle with home mortgage applications, finding an apartment to rent, or finance for a car or credit card.
However, if you have freelancers that regularly work with your company, you can help out by creating a paycheck stub for them. This will provide them with proof of income that they can use for financing and mortgage purposes.
To get started, keep reading to learn how to make pay stubs for your freelancers—it’s easier than you think!
Select a Paycheck Stub Generator
The easiest way to make pay stubs is by finding a pay stub generator that you can use each week. There are websites you can use to set up templates for each freelancer and save them.
Then, each week, you simply need to import hours worked and a pay stub will automatically be created.
It’s easy to do, as long as you have the personal details of all your freelancers. You can also use a pay stub generator to make payslips for your salaried or hourly staff members.
Look for a free paycheck stub maker that you can use to help out your freelancers.
You can also make pay stubs by hand each week, using platforms such as Word, but this is much more time-consuming.
Calculate Gross Pay
Next, you’ll need to calculate the total number of hours worked within the pay period. As freelancers are often responsible for their own taxes, you may not need to add in tax deductions.
However, if you are withholding tax, this also needs to be specified on the document.
Many freelancers are paid an hourly rate, so the payslip should outline the number of hours worked, along with the total amount of money earned.
If your freelancer has been paid different amounts for varied projects, or they’ve worked overtime, then all of this information should be clearly outlined on the pay stub.
Print or Email to Each Freelancer
After each pay stub is complete, you’ll want to issue it to each freelancer on the same day they’re paid. Freelancing is more complex when it comes to filing taxes, so the pay stubs are essential information that they can use to track their earnings for tax purposes.
Start Creating Real Paycheck Stubs for Your Freelancers
By creating a paycheck stub for your freelancers, you’re making life much easier for them, especially if they’re trying to rent an apartment or prove their income.
Use the guide above to start creating pay stubs for your freelancers. Once you set everything up, the process of generating your pay stubs will be quick and easy each week.
Get started today and you’ll soon be a pro at generating payslips!
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