If you’re a freelancer with multiple streams of income, it can be challenging to organize your income. But why do you need to organize your income? Let’s get into it.
Have you heard of the term personal payroll? Think of it like you would at any full time job, but with a freelancer payroll twist. Much in the same way a full-time job would automatically take taxes from your paycheck, as a freelancer, you’re now responsible for setting aside this money.
When you have multiple streams of income, this can quickly get complicated and confusing. Imagine having to manually go through your bank account and calculate your tax withholding for every payment you’ve received from your freelance work. And then having to organize this by quarter. Sounds time consuming and frustrating, right? On top of that, each state has its own recommended tax percentage to pay and your tax responsibility varies depending on your income. It’s a lot of mental space that doesn't need to be taken up, and it takes time away from actually doing your work.
Have you ever asked yourself Can I do my own payroll? To simplify the process, the answer is definitely yes.
Catch makes the process of personal payroll super easy. Income can be organized and consolidated within one location — the Catch app. It can even automate quarterly tax payments to the IRS, completely removing the headache.
When you sign up for Catch, the first step is connecting your bank account and income sources. Once these are connected, you simply set up personal payroll, taking the recommended percentage off the top of every incoming payment that gets deposited into your account. We’ll put it aside for you, so when it comes time to pay your taxes, you’ve already saved the amount needed. Catch then will send it off to the IRS for you, freeing up that brain space we were talking about earlier.
You can even save for time off and retirement. Every time you get paid into your bank account from multiple sources, Catch will streamline the process for your personal payroll and divvy it up into your Tax Goal, Savings, and Retirement. With each incoming payment, whatever percentage you choose to take off the top for taxes, time off and retirement, will go to its respective Goal. Sounds much better than manually combing through your bank account every month, right?
While self-employed payroll can seem daunting, there are tools to make the process simple for you. By spending just a few minutes setting up automation, you can get back to making money instead of managing it. Catch will take care of the nitty-gritty things, so you can focus on why you started freelancing in the first place.