<p>One of my colleges requests for an attachment of “end of the year paycheck stubs for 2008” with their financial aid request form. What are these? Where can you find them?!</p>
<p>It’s because my parents have been self-employed pretty much all my life - they purchase and manage local businesses. So I don’t know how or why they would even have these “end of the year paycheck stubs.” All I know is that every day they come home with $$$ that they deposit into their business’ bank accounts at the end of the day… this confuses the heck out of me. What should I do?
To add, they can’t speak English so I can’t even ask them what they are…</p>
<p>You should call the financial aid office and ask what you could send them instead of the end of year pay stubs. It will also depend on whether or not they are incorporated or not. </p>
<p>If they are self employed but not incorporated, the info from their schedule C (listing their business expenses) doesn’t go on the line for wages, it goes under business income. I’m sure the school wants some evidence of this income, but I’m not sure what you could possible send until the schedule C is filled out. </p>
<p>If they have an S corp they should be paying themselves a salary, and they should be filling out the federal tax form 941 quarterly. THis form shows the quarterly income and Social security, medicaid and federal taxes withheld. Since income from an S corp is listed under wages on the 1040, you might want to ask the school if you could send these 4 forms (one for each quarter in place of the end of year paystubs (perhaps include the copies of checks paid from the business to themselves) </p>
<p>I have an S-corp, and I actually gave myself my W-2 already. The school is probably asking for end of year paystubs from people because most people will not have their W-2’s until Feb. If your parents get their W-2 made up early I’m sure the school will also accept this.</p>
<p>If they are a C corp, I’m not sure. Find out and ask again, and hopefully someone has the answers.</p>
<p>Are you saying that you can’t communicate with your parents? Ask them what they can provide to verify your 2008 income to the colleges…ask them in their native language. If you don’t speak it, find an interpreter. The end of year pay stubs folks have (who are employed) give a “year to date” salary, taxes, deductions, etc…for the 2008 year. That is why the college is requesting this.</p>
<p>jjcddg - yes, we’re getting our W-2 made up early, and it should be ready in about a week. I think I’ll send a copy of that. Hopefully they will accept it. I will call them and ask…</p>