Beyond Salary: Tips on Making and Adding Extra Income to your Paystubs

With living expenses always going north and the struggle to make ends meet becoming harder by the day, going beyond salary is a promising proposition. Today, many professionals seek extra income outside their jobs to up their financial standing, cover unexpected household expenditure, or save for the future.

Let us understand what qualifies as extra income and how to get started with making some. We will also discuss how to account for this income in your paystubs to simplify your taxes.

What is Additional Earning?

It is income that is supplementary to your monthly payment and not covered in your wages or salary. Overtime pay is a common additional income for which you become eligible upon putting in extra hours at work. You might earn extra money from side hustles such as freelancing or generate dividends from stocks. Yet other sources of income include bonuses, FLA (Family and Medical Leave), any advances you take on your salary, severance pay, awards you may win at work, etc. If you use a free paystub maker or a financial software application, these earnings will get factored into your monthly check stubs.

Note that income from paid leave or commission doesn’t count as additional income because it gets covered in your monthly salary.

How to Make Additional Money from Home: 10 Practical Ways

Being able to earn some – or a lot of – extra income liberates you in numerous ways. You can work remotely from anywhere and take on as many projects as you can manage. You can even earn enough to become self-employed and devote your time and energy toward rewarding projects that instill you with a sense of fulfillment. Here are the ten most common ways to get started with earning additional income:

1. Freelance: This is the simplest and most effective way for professionals to earn extra income. Based on your available time, you can offer your services to various clients and get paid on a project basis. Freelance services in public relations, content writing, website designing, multimedia editing, etc., are popular.

• Become an influencer on social media: “Influencers” are people who have a sizeable following on social media in their respective domains, say, parenting or technology. Based on your likes, followers, etc., you can get money from different social platforms like YouTube and brand associations.

• Become a tutor: If you are a subject-matter expert in mathematics, computer sciences, languages, etc., you can tutor students online or offline. It is both satisfying and remunerative.

• Run a side business: This one is for passionate bakers, chefs, and others with an entrepreneurial spirit. From catering to tailoring, home-based businesses promise a good stream of income.

• Become a pro gamer: If you are keen on video games, professional gaming can earn you good money from tournaments and brand alliances.

• Sell items on the internet: If you are a creative soul and design clothes, crafts, artwork, etc., you can find an audience online. Websites like Etsy and eBay are perfect for this. You can also sell products on Amazon or Facebook. It is a good idea to click attractive product pictures, share honest descriptions, and be up for providing customer service.

• Invest in real estate: If you have some saved-up money, real estate is a lucrative way to earn more. You can rent out the property and sell it when its value increases considerably.

• Write and sell books: This is the best option for aspiring writers. Websites like Amazon, Lulu and Wattpad let you publish your books and earn revenue from them.

• Do affiliate marketing: If you have a website or a blog, you can share affiliate links for related products and earn commissions on corresponding sales. For instance, if you have a lifestyle blog, you can conduct affiliate marketing of cosmetics or clothes.

1. Participate in surveys: This one sounds simplistic, but websites like MySurvey pay you to share your opinion. Your input goes toward product design and development by different brands.

How to Add Extra Earnings to Paystubs

Now that you have the lowdown on making additional money from home, how can you ensure that it gets accounted for in your taxes? To keep all your finances in order, you must add these sums of money in your monthly paystubs.

If you use a free check stub maker to generate payslips for your employees, it is straightforward to add any additional earnings month on month. For example, at StubCheck.com, you can build a regular or advanced paystub using the background calculator. Once you enter all the required employee information like name and employee ID, you can add extra income in the additional earnings/deductions section. A paystub generator free tool will create the required stub after considering it.

If you build your financial records manually, you will have to perform the calculation by yourself. Not relying on software or an online tool always increases the risk of error, especially when extra earnings come into the picture. Any errors in the payroll process can have costly repercussions on your business. Using a digital tool reduces the chances of human error, even with multiple sources of income for the employees.

Earning extra income is an enchanting situation, but it isn’t likely without perseverance. The first step is analyzing your areas of interest and learning to use your skills towards an alternate source of payment. It takes time and patience but also reaps rich, tangible rewards. Just remember to account for your extra income in your paystubs so that you don’t end up making a mistake while filing your taxes.