1
Apr
2011
Creating a 1099 Pay Stub Template
Sponsored LinksWhile a 1099 is technically a regular pay stub it is the form that is most commonly used to show how much you have paid a contract or for hire worker at the end of the year. Just like any other type of pay stub template, a 1099 form must have very specific information on it for it to be used to help file taxes each year.
Without the right information on both the person’s pay stub template and 1099, they have no way of knowing how much they have earned in the pay period and what their annual income and taxes are. This can make it very difficult if not impossible for them to file their income taxes. It is your responsibility as an employer to provide anyone that you employ with information.
When you are looking for very basic template, you will need to find on that has a space for you to use to list your company name, address and employer identification number that is given to you for tax purposes. In general this should be all of the information that will be required regarding your company, whether you are a corporation or a sole proprietorship.
There will need to be a place for you to list the employee’s name, address, social security number and employee identification number if you use them. This information is required to provide positive identification of the employee for payroll and tax purposes. Without this information, there is no way to verify that the money is being paid to the right person and that all taxes being collected are being paid to the right accounts.
While you might choose not to list them separately on a 1099, a payroll stub template should have a section where you can list each of employee’s pre tax deductions such as medical insurance or 401K retirement deductions. There should also be a section for any miscellaneous post tax deductions such as union dues or repayment of a company loan.
Finally on both the 1099 and pay stub template, you will need a section that shows gross pay for either the pay period or the total for the year. The same applies for all taxes paid and then for the person’s net pay after all taxes have been deducted. If you need a template to create your own forms, you will find that there are many different places online where you can download them either for free or at minimal cost.