Maximize Your 401k Contributions in 2024: A Guide with Calculator
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.
National Payroll Week, which runs annually the week of Labor Day, is upon us. For the 156 million wage earners in the U.S., utilizing the facts and figures listed on a paystub can prove to be one of the most important personal finance tools. As Americans gather this Labor Day to pay tribute to the contribution workers make to the strength, prosperity, and well-being of the country, here is some advice to help workers make the most of their paychecks.
National Payroll Week, which runs annually the week of Labor Day, is upon us. For the 156 million wage earners in the U.S., utilizing the facts and figures listed on a paystub can prove to be one of the most important personal finance tools. As Americans gather this Labor Day to pay tribute to the contribution workers make to the strength, prosperity, and well-being of the country, here is some advice to help workers make the most of their paychecks.
Sam Kerch, Director of Finance for Symmetry Software, says that American workers contribute through the payroll withholding system about $1.78 trillion or 70.5 percent of the annual revenue of the U.S. Treasury. “Everyday, thousands of payroll professionals ensure that those trillions of dollars are filtered through the payroll withholding system accurately.” Kerch explains. However, many workers do not realize that their paychecks can be tailored to suit their unique situation and financial needs. Furthermore, Symmetry urges workers to regularly monitor their paychecks and adjust them when life changes occur. Here are a few simple tips to keep in mind in order to make the most out of one’s paycheck:
Other ways to maximize a paycheck include taking advantage of a “cafeteria” benefit plan whereby pretax dollars are allocated to medical and dental insurance, child care expenses, or group life insurance. The impact is savings on necessary expenses through reduced income taxes. As always, when workers experience a life-changing event such as a marriage or birth of a child, workers should update their withholding on their Form W4. To learn more about maximizing paychecks, visit paycheckcity.com. To learn more about National Payroll Week, visit NationalPayrollWeek.com.
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.
Unlock the secrets of your 2023 bonus taxes with our guide, and use our Bonus Pay Percent Calculator for an instant breakdown of your take-home pay.
It’s the 2023 holiday season, and for fortunate employees, that means an end-of-year bonus! Yet many employees are disappointed when their bonus lands in their bank – usually a lower amount than anticipated. Here's a quick guide to help workers understand how bonuses are taxed.