San Diego, CA, July 28, 2022 (GLOBE NEWSWIRE) -- ThePayStubs is a national accounting firm that has utilized the experience of their professional team of expert accountants to create the paystub generator.
This useful tool is designed to help their clients who own small business create check stubs for their employees without the hassle of purchasing expensive and complicated software.
They have now also launched their new IRS Form 1099-NEC (Non-Employee Compensation) generator to additionally aid companies when managing payments made to non-employee taxpayers, such as, contractors.
With their two easy to use and instant result generators, ThePayStubs gives you the possibility to keep track of your business finances and be able to provide proof of income at all times.
The New Form 1099-NEC Generator
ThePayStubs new 1099-NEC generator is used to create a form where businesses can report non-employee compensation (NEC), such as, work completed by contractors and sole proprietors for the company throughout the tax year.
Although, it is useful to bear in mind that this document is only needed if your company has paid the non-contracted employees $600 or more during the tax year.
To help you know if your business should fill out a 1099-NEC form, ThePayStubs have included a four-step test on their website:
- You have made payments to non-employees
- You made the payment for services performed in the normal course of your business
- You have made a payment to an individual, partnership, estate, or in some cases, a corporation
- The cumulative payments that you have made total at $600 or more in the tax year
ThePayStubs 1099-NEC form generator is simple to use and one of the most advanced tools to create the documents online. All you need to do is provide some important details, like the company information and non-employee wage amount – then your form will automatically generate in seconds.
There are many benefits to using the 1099-NEC form generator, with the key advantages being that it allows you to reallocate the time spent by your employees filling out repetitive forms, helps you accurately keep track of tax information and can stop you from incurring any penalties (from inaccuracies or undisclosed payments).
Not only this, but the 1099-NEC form has been proven by the IRS to be a far more reliable method than the previous 1099-MISC form for businesses filing non-employee compensation. This is because it mitigates the confusion caused by the old form (1099-MISC) and doesn’t have the same system glitch that would mark all forms as late and apply a late filing penalty.
Also, after the pandemic there was an exponential rise in more people deciding to work freelance and the 1099-NEC generator is a useful way to improve engagement with these individuals by providing them with a trusted, yet simple payment structure, which in turn would increase their productivity and employee satisfaction.
Making Pay Stubs Simple
A pay stub is integral to ensure the efficient running of your business. This paper serves as a proof of income, helps you and your employer keep track of salary information, taxes paid and any overtime pay issued.
With so much important information dependant on the accuracy of your pay stub, it is vital that you choose a reliable and trusted generator, such as, ThePayStubs hassle free and quick to use programme.
All you need to do is provide your company name and salary information, then in less than 2 minutes you will have a completed pay stub with the added benefit of the calculations being validated by ThePayStubs team of professional accountants.
There are also other life situations outside your business where a pay stub document can help you out:
- Entrepreneurs – If you are an entrepreneur, contractor, or work freelance then creating your own pay stub is essential to help you document your earnings, deductions, and the amount you need to pay come tax time.
- Loan Application – When you apply for a loan (whether this is personal, or business related) the decision will rely heavily on your pay stub information and will be a key factor whether or not you are granted the loan you requested.
More information
To find out more about ThePayStubs and their pay stub or 1099-NEC form generator, please visit their website at https://www.thepaystubs.com/
