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      Independent Contractor paystub

       

      If you are an independent contractor, or work for yourself, this document describes Independent Contractor Pay Stubs, or proof of income payslips for Independent contractors.

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      Easy Pay Stub

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      Independant Contractor Pay Stubs: Get your’s NOW!!

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      To start, we have to define what a contractor is vs an employee.

      1) an employee works for an established company that is registered in local government.

      2) a contractor by very definition, works under contracts, it's even in the word itself CONTRACT--->OR. This person is not employed on a regular basis, it is work done per job or service. An example would be a plumber, A/C repairman, work from home writer, web designer, nanny, etc. All of these positions can work for a company, but, if they do those tasks and get paid directly from the client to their pocket, they are then considered their own company, and will be taxed as such.

      The term "independent contractor paystub" is not a thing.

      This person by default would be categorized as a sole proprietor, even if they didn't file the proper paperwork in the eyes of the IRS.

      A keen mind may say that "...wait, i sign a contract with the company..." Thereby techincally still a contra tor, but, that is different because it's a labor contract for one entity between a person and a company. So, let's use the example of a plumber.

      If the plumber goes to a plumbing company, and gets a job with that company, he is an employee of that company. He get's a salary or hourly wage, and pays taxes based on that income. He doesn't get company write offs nor does he have to pay employment taxes. He is an EMPLOYEE of a company, and that company pays taxes for their profits.

      If that same plumber quits, and does work for a customer, and get's paid for it in cash, they must declare that income to the IRS. It is illegal to not declare it, and they will face penalties or charges

      This may seem straight forward, but, the importance is in the eyes of the IRS, you don't decide "I'm a contractor" (or "I'm an employee"), and then simply follow a "to-do list." Rather, you look at the nature of your work, and THAT determines whether you are a contractor or an employee. This may seem like an unimportant distinction, but it's really not. That is exactly what the IRS or the Department of Labor will do if they are called in to determine whether you are an employee.

      Creating a paystub is nothing special on it's own. It's simply a receipt for work done from a company to it's employees, with all the taxes paid on their behalf. It does get a bit more complicated if the paystubs have multiple entries over a few years. Accumilation of witholdings and taxes and income, with overtime, vacation accrual etc can be complicated, but mathematically doable. What it represents is the key though, it shows proof of income to anyone looking, and the history shows a probability of future income. There are no guarantees that the employee won't be terminated or leave the job the next day, but, it's just an indicator that the person can make payments on items in the future.

      All this of course can be done by the contractor, just like making their own flour for making bread. But, time-value is a real thing. Just like it makes sense to buy ready made bread, it's easier and faster to use a paystub making service or payroll service. Even if it's for small businesses or sole proprietorships.

      If you are using paystubs for income proof, the same can be done with a list of invoices and proof of payments over time. That is what a lender is basically looking for.

      The ability to pay is the key for lenders. Typically a lender needs 2 years of consistent proof of income from your Sole Proprietor business. This involves financial statements and proof of transactions. So, sometimes, it is better to be an independant contractor, but, sometimes, there are benefits of working for a company. But, be clear, if the loan is for a larger amount, the lender can ask how long you have been working there as well. That is a valid questions.d

      Ultimately, the best solution, would be a hybrid solutions for this issue. You can be a sole proprietor, but, you can also setup a personal business with the IRS, that is not difficult to do. Then, you draw a salary for yourself and have the company receive the work income. This is a solution sometimes recommended by tax professionals who help small business get off the ground. If you do grow and hire more staff, it makes things easier to do, and since they will also require a pay stub, you will already be ready.

      You WILL have to keep track of various expenses and receipts, tax payments, etc., but you will not have a "pay stub" with which to do that. Your payments, for example, will not be directly related to any particular payment that you receive from a customer (like withholding is taken directly from paychecks). Instead of a pay stub program, you could make better use of a bookkeeping program.

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