Did you know that only 12.5% of people in Connecticut work for the government? Are you a worker who wants to know why you should check out your paycheck stub?
In this article, we’ll uncover the reasons why you’ll want to read your paycheck stub every time. From mistakes to errors, read on as we dive into these crucial reasons to ensure that you’re being paid the amount you deserve.Â
Table of Contents
1. AccuracyÂ
Your paycheck stub can be filled with inaccuracies that you’ll want to check. Make sure to read your paycheck stub for any errors in the pay rate, paid time off balance, Social Security number, and your name.Â
If your Social Security number is wrong, then that can affect your taxes for the state and the federal government. That can mean that your taxes can be applied to someone else’s account instead of your own. This can lead to errors at tax time that’ll be less than fun.Â
2. Get Paid
You need to be reading your paycheck stub to ensure that you’re getting paid the right amount. Mistakes can happen from accounting or HR. It’s a good idea to double-check to ensure that you’re getting all of your hard-earned money.Â
If you notice any discrepancies, then contact your boss right away. Let them know as soon as possible if you notice any errors since the longer you wait, the harder it’ll be to fix.Â
3. Paid Time Off
You’ll want to keep track of any paid time off you take and ensure that it’s accurate on your pay stub. It’s easy to forget how much time off you take if you don’t keep track in advance.Â
4. Withholding
On your W-4, that’s where you can change how much is taken out from your pay for income tax. You’ll make note of your filing status, spouse, and any dependents.Â
This can lead to large allowances and taxes at the end of the year. Make sure that all withholding is accurate to avoid any surprises at tax time.Â
5. Benefits
Check that you have benefit deductions on your paycheck stub as well. For example, whether it’s your 401 (k), dental, or health, ensure that it’s taken out correctly.Â
If they’re not on your pay stub, then that means that you might not be enrolled in the benefits program. If your spouse or child receives benefits, you’ll want to ensure that they’re noted as well.Â
Tax Arbitrage
It’s best to not mess with taxes being withheld because you’ll owe a large sum at the end of the year. Instead, have the correct amount taken out, and avoid gambling or investing your money away.Â
Reasons Why You Should Check Your Paycheck Stub
Now that you’ve explored why you should check your paycheck stub, you should have a better idea of why it’s important to do so. Would you like to read more lifestyle content? For everything from entertainment to living, check out our other articles today.
