Do you know the secret to always having enough and more money? Managing it properly! Whether you are a salaried employee, a business-owner or a self-employed professional, you’ll see your earnings multiply only when you manage them properly. This involves keeping complete track of your funds – inflow and outflow – and understanding your payment patterns. An efficient way to do this is through our online paystub generator.

If you work for a company, your monthly pay probably comes out of the company’s business account. But what is the breakdown of this payment? How can you show proof of income if you need to say, avail of a bank loan? This is precisely where a paystub comes in handy – it is a physical proof of income, broken down into pay periods and deductions. Earlier, employers used to share paper stubs, but now there has been a marked shift toward printable check stubs. They are easier to create and maintain, always accessible, and true to the digital era we live in!

How to Manage Income Using Online Paystubs

Let’s find out how to use online paystubs to keep track of and optimize your income.

Step 1: Create and print your paystub

The first step toward managing your income is tracking it. If you are an employee, your employer will share paystubs with you at the end of a pay period. If you are a business owner or a self-employed professional, you will need to create paystubs yourself.

Use our customized paycheck stub maker to create a paystub for the period you want to track. At StubCheck.com, we have made this process very easy for you – all you have to do is enter your company details and your wage details and our automatic calculators will do all the math.

Create Your Paystub <

Once you have created and previewed your paystub, print it for ready reference.

Step 2: Examine your paystub in detail

Now is the time to study your paystub and figure your inflow and outflow of money. Assess the following components in your paystub:

• Earnings you receive at the end of a pay period (weekly, monthly, etc.)
• The statutory deductions from your pay (federal taxes, state taxes, social security, etc.)
• Year-to-date (YTD) data
• Net income

When you study the above components, you will have a crystal-clear picture of how much you’re being paid, what deductions have been made, and for what purpose.

Step 3: Plan your expenditures and investments

It’s now time to plan your spends and investments in a manner that maximizes your returns. Consider the following options:

• Making a monthly budget that allocates spends under various categories including rent, fuel, childcare, etc. Your net income section will help you plan this
• Tax-saving investments to ease your deductions bucket
• Investment in mutual funds to maximize your net income
• Savings toward your retirement
• Savings toward your and your family’s health
• Assessing if you will need loans or any other credit facility

Step 4: File your income taxes

The final step of managing your income is to ensure timely payment of income taxes to the Internal Revenue Service (IRS). To do this, you’ll need to fill out a W-2 form that details your wage information and the amount of taxes deducted from your paycheck throughout the year. If you are a salaried employee, you’ll receive this form your employer. As an entrepreneur, you are responsible for getting these forms ready for your team.

Use the simple W-2 form generator on StubCheck.com to make this a hassle-free experience. All you have to do is enter employee and wage information, and our intelligent calculators will do all the complicated processing for you.

Generate W-2 Form

Tip: Check that the information on your last paystub matches the information on your W-2 form.

That’s it! If you follow all the steps above, systematically through the year, you can rest assured your money is in good health. Partner with StubCheck.com to generate accurate and professional paystubs on demand and manage your finances without losing your sleep!