Whether you are an individual or running a business, keeping financial records is vital. However, it goes without saying that doing it manually every time can be tiresome and time-consuming. What if you can have an extra hand to take the hassle away of paperwork and creating manual pay stubs?
Yes, that’s possible now as technology grows. With the help of a salary pay stub generator, you can make pay stubs online. It will help you create your financial records and keep track of income and expenses much more quickly.
Never try making paycheck stubs online? In today’s blog, we will tell you what it is, who needs to use it, and how it helps. Let’s get started.
What Are Pay Stubs Online?
A pay stub, also known as a pay slip, is a financial record that summarizes the overall income of an employee. Employers use this document to summarize an employee’s pay to ensure their staff can have the maximum transparency about their net income, including what is derived and what is withheld for tax, health insurance, and social security. For example:
- Name of the employee
- Gross pay
- Net pay
- Pay period dates
- Taxes withheld
Since creating manual pay stubs is time-consuming, many employers are switching to online pay stub generators to do it as quickly as five minutes. It saves not just time and effort but ensures accurate net total income. Just like a manual pay stub, it breaks down all the pay sections, including net income and Federal and State income tax deductions, as well as retirement contributions, insurance premiums, and other withholdings.
To make a paycheck stub online using a salary pay stub generator, you just need to follow these simple steps:
- Enter all the information in the online form of the paycheck stub generator you use.
- Review details by clicking on the preview button.
- Print the pay stub to provide to your employees or send it to their email directly.
Who Needs a Paycheck Stub Online?
Creating a salary pay stub online is the new trend. But, you should know who needs to use it to ensure that you are on this list. For example, if you are one of those who run a business that doesn’t have an in-house payroll department to manage paycheck stubs, you need to use an online pay stub. Also, when you are an individual, like a freelancer or an independent contractor, you should use an online pay stub generator to keep track of your income and expenses and generate the financial record quickly and accurately, especially the taxes withheld.
In short, the ones who need to switch to online salary pay stub generators are:
- Independent contractors
- Employers and employees
- Self-employed
However, there are some situations when an individual needs to provide some income proof to use an online pay stub. For instance:
- When applying for a mortgage or loan, banks may request that you show the last two pay stubs to ensure the applicant has a steady net income to repay the loan payments.
- When renting a property to show proof of income, as landlords verify that the individual can pay the monthly rent
- When filing a disability claim to get benefits
- When requesting a business loan
Best Pay Stub Generator to Make Your Paycheck Stub Online
Paystubmakr is the top online salary pay stub generator to help individuals and businesses create a professional quality pay stub in just five minutes, including accurate State and Federal income tax deductions. It empowers workers and employees to understand how their earnings are deducted.
So, start today or watch this explainer video to understand how our pay stub generator works!