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Learning The “Secrets” of Payroll

How to Show Proof of Income for the Self Employed

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. You can either should your entire bank account to prove your income, or create a pay slip for yourself.

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. Your employer uses a template to document how many hours you have worked, your gross salary, and how much you were paid after all your deductions were 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. But, if you use a template to create your own payslip complete with all of the appropriate tax deductions, you will have real proof of income. 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. You will have proof of your income whenever you need it if you do this every week. Proof of income available is important even if you don’t really write out a paycheck for yourself.

If you are looking for a pay slip template you can look for it in any local office supply store and the library. Another way of searching for pay slip templates is from online sources since being a business person would make you use your computer to track your finances. An online search would reveal many different types of templates that you choose from for your needs. With you chosen template you can create your own pay slip together with your employees which covers all information about gross pay, taxes, deductions and the net pay. 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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