With over 2 million people working in the restaurant industry, it can be hard for them to provide proof of income since a majority of their pay comes from tips. Without proof of income, it can be near impossible to secure a loan for big purchases such as a home or car. If you are working for tips and need proof of income, this article will walk you through the steps of doing just that with a pay stub generator.
How to Get Proof of Income Using a Pay Stub Generator
While you probably get a paystub for your hourly wage, it will not reflect your tips, which leaves you with only part of the proof of income that you need. But don’t fret, you can create a pay stub for your tip earnings in just a few minutes with our easy to use pay stub generator.
Gather Your Information
The first step in creating your paystub is to gather all of the required information. While most of it is the same across the board, there are states that require certain things. So, make sure you are aware of your state’s requirements. Our paystub generator has you select your state and will automatically update based on your needs.
The most common information that you will need to generate a paystub includes:
- Employer’s name and address
- Your name and address
- Pay period dates
- Pay date
- Regular hours
- Overtime hours
- Marital status/exemptions
Some of these may not be applicable to everyone, and others will be automatically calculated for you. Let’s delve into it a little more.
There are two different fields for hours. Here you can enter your regular and overtime hours worked. You will also need to include your hourly pay rate. Even though you have likely received a pay stub for hours you have worked, however, including it here along with your tip earnings gives you one stub for all of your earnings.
This is where you will enter your tip earnings.
On this part of the form, you will simply choose whether you are married or single and how many exemptions you claim. This will help determine your taxes and deductions.
Holiday, vacation, and bonus pay can also be included on the paystub if applicable.
After you enter all of this information, your gross pay, net pay, and taxes/deductions will be calculated for you. All that is left for you to do is review the information for accuracy, choose your template, and print your paystub. It really is that easy. Get started now and generate your proof of income paystub!