At the end of a week or 2 weeks, we get excited to receive our paychecks. Not very many people question the entries in their paychecks and happily deposit it in their bank accounts. If it hadn’t crossed your mind that the entries in the paycheck could get mistaken, then you will definitely receive it without question. You may be losing money because of errors in your paycheck if you don’t check your pay stubs.
If you want to prevent loss from an erroneous paycheck, then you need to understand and study your pay stub every time you receive one. In a survey conducted on employees, they found at that almost half of those who were surveyed had found mistakes in their paychecks at one time or another. Understanding your pay stub can help ensure that you are getting the right amount of money on your paycheck.
Here are some tips to help you when examining your paycheck.
The first thing you should do is to scan each section. Your employee information, the pay period, YTD or year-to-date, gross pay, and net pay are the sections that you should scan. Ensure that the items in your pay stub are all correct.
You also need to understand everything in your pay stub. There are many things that are not included in your paycheck. You can find these out below.
One of the things taken out from your salary are pre-tax deductions. Some of these items include health insurance and retirement account money. You save money when they are deducted before taxes.
Another thing excluded is employer contributions which are some things that the company pays for and this includes part of your insurance and part of your retirement fund.
Other amounts taken from your paycheck are state taxes, federal taxes, FICA taxes, health insurance, health savings account deductions, retirement account.
Make sure that all the numbers in your pay stub are correct. You can enter the numbers wrongly. Paystubs are simply printed. So, the mistakes comes before they are printed. It is either you made a mistake when you input your hours or somebody else made an erroneous entry. You have the ability not to let this happen. You should check your paycheck for errors. Check the number of hours you have worked and the rate if they are right. You should also always check the tax withholding amount.
Human errors do happen. This is the reason why you need to understand and to check your pay stub. This will not take much of your time. IF you don’t want to lose money on pay stub errors, then you should make sure to check it every time.
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