Self employed individuals who run their own business can do whatever they want. You don’t have any boss and you can dictate your own salary according to how much you want to work. But it has its own drawbacks. One drawback is not being able to prove your income if you need to apply for a loan or a credit card. Instead of showing your entire bank account to prove your income, it is better to have your own pay slip instead.
If you are a regular employee of a company, you receive a payslip each time you receive your paycheck. 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. If you are self employed, you are the only one who knows exactly how much you make, and this can make it difficult to prove your income when you are applying for a loan. You can have real proof of income by using a template to create your own pay slip complete with appropriate tax deductions. You can create a complete pay stub with your company name and address on it just like the one you would receive if you were working for an employer. If you do this on a weekly basis then you can then have proof income whenever you need it. Even if you do not actually write yourself a paycheck every week, you should still make sure that you have some proof of income available.
There are many places where you can look for a template to create any type of pay slip including your local office supply store and the library. Today , most self employed people and small businesses rely on their computers to track their finances, so your should also look for a template online. An online search would reveal many different types of templates that you choose from for your needs. 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.