Every working American receives a paycheck, and you probably don’t give it much thought before depositing it into your bank account. In fact, you might not even think about depositing it thanks to direct deposit. However, it’s important to check your paycheck and make sure your employer is withholding the right taxes every time. While you might be thinking, “Nothing ever changes, and my paycheck stays the same, so I don’t need to check it,” you should think about all the life changes that could potentially alter your check.
Every working American receives a paycheck, and you probably don’t give it much thought before depositing it into your bank account. In fact, you might not even think about depositing it thanks to direct deposit. However, it’s important to check your paycheck and make sure your employer is withholding the right taxes every time. While you might be thinking, “Nothing ever changes, and my paycheck stays the same, so I don’t need to check it,” you should think about all the life changes that could potentially alter your check.
Yes, but there are other variables. For example, if you are transferred to a different state for your job, and your Human Resources department does not notify your Payroll department quickly enough about your transfer, your taxes may be withheld incorrectly.
Modeling your paycheck can help you with more than just double-checking someone else’s work. You can be more prepared for things like getting married and having a baby by determining what your take-home pay will be post-life change. This allows you to accurately complete a budget, and be better prepared.
We recommend using the calculators found on paycheckcity.com. They’re the most accurate online paycheck calculators out there. We also have 9 different calculators to fit every situation – salary, hourly, bonus – we even allow you to compare two scenarios side-by-side!
Did you enjoy this article? Visit insights to stay up-to-date on all payroll related news!
Making mistakes is a part of starting a business, but knowing what mistakes to avoid will help small business owners in their long-term journey to success. Here are four mistakes small business owners should avoid.
States are slowing beginning to provide state-run auto-IRA programs to bridge the gap for small businesses to afford retirement plans for their employees.
Knowing how to classify independent contractors and employees can save an employer time and money. Here are some tips to classify workers.
