People who are self employed and have a business of their own has no one to answer to but himself. You don’t have any boss and you can dictate your own salary according to how much you want to work. There are also drawbacks to being self-employed. One of the most noticeable drawback is not being able to easily prove your income if you want to apply for a credit card or a bank loan. Instead of showing your entire bank account to prove your income, it is better to have your own pay slip instead.
Regular employees get a pay slip together with their paycheck indicating the gross income, deductions and the net income. 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. 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. 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. It is possible to create a pay stub similar to what employees receive which has complete company name and address on it. 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.
The office supply store and the library are some of the places where you can get a pay slip. 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. If you do a careful search of the different kinds of pay slips available online, you should be able to find exactly what you are looking for. 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. If you need to show proof of your income for a loan, then you can simply show all the pay slips that you have made for yourself through the weeks.
So if you are self-employed, the drawback of not being able to prove your income is already resolved by creating your own pay slip through templates that are available online.