January 31, 2008
HEY!!!
Here's a tip that is actually useful... rather than the other "tips" I post.
Do you keep your paycheck stubs, as you should? You may want to check something out. And if you don't save your stubs, for Gott's sake, do it!!!
Paychecks in our company are administered through ADP, so they are nice and tidy, no confusion. You've got earnings, and deductions, giving you your net pay. I check mine each week to make sure they're correct. However, I don't usually check the YTD amounts... something that is changing.
I had started to fill out my 1040 today, when I realized, I haven't gotten my W-2, yet. I got someone else's, but not mine. That's not a problem. However, once I got started, I wanted to figure out roughly what I would get back, so I grabbed my last pay stub of '07.
Looking at the YTD amount, I knew something was wrong. I added up all of the YTD earnings for Regular, Overtime, Bonus, Double Time, and Holiday, and discovered a minor error. 10g's, in error. And HIGH...
Sooo... that means that had I not noticed this, and if the amount is the same on my W-2 (which I'm sure it is), I would end up paying in nearly 2 grand for taxes... when I should be getting that much back... as they only took taxes out for what the earnings actually are.
I guess I could have saved you the time that it took to read all of that, to say this:
Save your check stubs, and check your last check of the year against your W-2's. Do some math, and possibly, save some cash.
Be careful with that...sometimes, money (in the form of certain benefits) that is actually not paid to you is considered taxable income.
Posted by: Pam at January 31, 2008 10:28 PMThanks for stopping by, Pam!
The thing with this is, I had no benefits until January 1st. I'm trying to figure out why my total earnings say that I've made 10 grand more than I actually have... and I only worked for them during the last quarter of the year.
Posted by: That 1 Guy at January 31, 2008 10:50 PM401k's?
Posted by: Quality Weenie at February 1, 2008 11:29 AMSS number error.
Check with HR to make sure your SS# is correct in their files and on all your forms you signed.
Posted by: Quality Weenie at February 1, 2008 11:29 AMT1G was in the SS???
Posted by: Old Cloots at February 2, 2008 07:53 AMSadly one must check every detail because honestly you never know when someone will hit the wrong decimal place when entering an amount or adding an extra zero or even missing a zero (very likely what happened here *sigh*). Or when a company's algorithm has an error. It might be that way for a whole lot of people!
Good catch!
Posted by: Teresa at February 2, 2008 11:30 PMT1G,
Did you get some money for relocation? If so, that is taxable income to you. It would hit Boxes 1, 3 & 5. We put ours in between the Dec 15 and the Dec 31 paychecks. There may also be a special amount listed in Box 12 or 14.
It's good that you are checking though. Most people only look at the last pay stub of the year, and the first one of the next year.
Call me if you want me to check it out.
Posted by: Jerry at February 4, 2008 03:11 PM
