Paycheck stubs contain valuable information, yet they are often thrown away, filed or forgotten. 'Mistakes in the payroll process can cost workers a lot of money. Errors can mean underpayment or overpayment. If you're accidently overpaid, you will usually be held liable for the repayment of those funds,' said Sam Kerch, senior tax research analyst for Symmetry Software, which operates www.paycheckcity.com. This FREE 'must visit' site allows you to double check your pay stub with online calculators. All you need is the information from a current pay stub or W-4 form. Kerch has three tips to help keep your payroll on track:
- Getting Your Fair Pay - Mistakes can result in underpayments, withholding errors, or overpayments. If you were underpaid, report it immediately. An error in your withholding could mean a nasty surprise at tax time. Accidental overpayment may require you to pay back the mistake.
- Maintain Confidentiality - If you discover a paycheck mistake, don't disclose the error to anyone outside the payroll department or a senior manager. Sharing this information with co-workers can foster a negative office environment, and may violate employment policies, resulting in discipline or dismissal.
- Keep Checking Up - Marriage, divorce, having children, bonuses or raises - all are reasons to update your W-4 form. Once you do, check subsequent pay stubs to ensure your employer correctly updated your tax information. If not, immediately catching this error can prevent a future payroll headache.
Payroll departments can also use www.paycheckcity.com to provide important verification of calculations. Many large companies include Symmetry's specialized tools on their intranets. Smaller businesses should consider informing employees about this web site and suggest employees regularly check the accuracy of their paychecks. The site offers advanced and specialized tools for payroll departments that help eliminate human error on both sides. About Symmetry SoftwareFounded in 1984, Symmetry Software is a groundbreaking innovator in tax applications for the internet and corporate intranets. At its core, Symmetry is a software development firm with a high level of expertise in payroll withholding taxes. Our team of software engineers and taxation experts provide leading edge, regulatory compliant payroll software products.
For more information please visit us at www.symmetry.com.
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.