The residual stress approximation methods formulated by McDowell and Moyar, Jiang and Sehitoglu, and McDowell for rolling and sliding contact problems are reconsidered in the context of single anisothermal loading cycles and isotropic hardening. A consistent extention to incorporate thermal softening is developed and the generalized thermoelastoplastic algorithms are cast into a proper predictor–corrector formulation. Detailed explicit and implicit numerical integration strategies are presented and validated using specifically designed finite element models that conform to the underlying mechanical assumptions. Then, the applicability of the approximate algorithms to anisothermal problems with isotropic hardening and thermal softening is analyzed by assuming a rate-independent Johnson–Cook-type yield stress model and by comparing the obtained transient and residual stresses to results from full-scale finite element half-space models under varying loading and strain-hardening intensities. An in-depth, comparative discussion on the adequacy of the algorithms in conjunction with the justification of their respective mechanical simplifications follows. Sufficiently strong strain hardening is found to be a prerequisite for accurate predictions, and Jiang and Sehitoglu’s approach is deemed to be preferable for the considered type of problem. The conclusions drawn from the investigations are discussed in the context of common applications with particular emphasis on manufacturing process modeling and the corresponding guidelines are proposed for such use cases.