Payroll software is often used to process employees’ paychecks and to print their pay stubs for each pay period. If you operate a small business, you probably do not require payroll software or might find it too expensive, especially if you are the only employee. A pay stub can be useful when you need to show proof of income or for record-keeping reasons. There is an easy and free way available to create a pay stub.
Visit paycheckcity.com and sign up for a free/basic membership. Their salary/hourly calculator is accessible without a free membership, but you will not be able to print the pay stub if you do not register. The registration is easy: type your name, e-mail, phone, number of employees and how you learned about the site. Paycheckcity.com will then e-mail you a User ID and access code. You can change the latter when you log in.
Pick the salary or hourly calculator. At the top of the page, select the appropriate tax year and state.
Type your pay amount, tax and deduction data. You can have your gross year-to-date (YTD) shown on your pay stub by entering the amount in the associated box. If you want extra federal and state taxes deducted, enter the additional amount in the related boxes. For voluntary deductions, enter deductions such as medical and dental plus the fixed amount; 401k contributions generally have a percentage or fixed amount. You can exempt your voluntary deductions from taxes by checking the type of taxes you do not want deducted, such as FICA and Federal.
Select “calculate” toward the bottom of the page and view your pay stub. Your pay stub should reflect the following: gross pay and frequency, taxes deducted, voluntary deductions and net wages. The basis of the calculations is also shown on your pay stub such as tax year, gross YTD (if applicable), filing status and additional withholding.
Select “new calculation” to begin a new pay stub calculation. Choose “print” to print your pay stub.
Use the stimulus paycheck calculator to determine how the Stimulus Package withholding rates will impact your paycheck. The W-4 assistant offers detailed help on how to complete your federal tax form (W-4).