Are you Paying Attention to your Paycheck?

By: Chandra Reau, Staff Accountant

Are you paying attention to your paycheck? Not just looking at the amount that is direct deposited into your bank account but REALLY looking at your check? I work on the payroll for many H&M clients and know first hand how often important elements can be overlooked.

Ask yourself these questions and make sure all of this information is current and has been handled properly if things have changed

·         Have you moved during the year and updated your address?

·         Did your recent move change your local tax from a taxing school district to a non-taxing one?  Use this link to verify your tax liability-

·         When your last name changed, did you file your name change with the Social Security office?

Also consider….are your withholdings meeting your tax liabilities? 

·         Do you write a check every April when you file your income tax return that includes a penalty for not withholding enough?

·         Do you count on your large refund every year as a savings account? 

o   Have you considered an automatic deposit into a savings account?

Your deductions – are they correct? 

·         Did you change from family coverage to single but the payroll department missed the reduction?

·         Did you cancel your life insurance but forget to tell payroll to stop the deduction?

If you are contributing to a retirement plan:

·         Did the increase per paycheck get updated?

·         Have you met your 2017 goal?

·         Is it time to meet with your retirement advisor and update your short term and long term retirement goals?

·         Have you updated your beneficiaries?  Recent changes in your life – divorce, new child, etc. need to be considered

A few minutes throughout the year looking at your check, really looking at the details, makes a big difference.