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Reading a Paycheck

April 26, 2018

It’s easy to just take your paycheck to the bank without even looking at. If that’s your regular routine, stop now and take a couple seconds to look over it.

Were you paid for your hours?

Check to see if you were paid for the number of hours you worked. Employers can make errors, and you definitely want to get what’s owed to you.

Check the withholdings

Your paycheck also will show what was withheld from your check. Typically, you’ll have federal income, Social Security, and Medicare taxes withheld. Be sure those amounts are consistent with your paycheck. If you only earned $250 last month and your paycheck showed that $200 in taxes had been withheld, you will probably want your employer to double check those tax figures.

Check the address

If your address appears on your paycheck, be sure that’s correct. Your employer may mail your tax forms to you in January at the address on file, and you don’t want those going to your old apartment.

Save your paycheck

It’s a good idea to save all of your paychecks until you get your W-2 in January. It’s the only way you’ll know if your W-2 is correct.
©American Institute of Certified Public Accountants