Ending a job? Starting a new one? Working remotely? Perhaps you’ve moved, or your number of dependents has changed. On the flip side, your employer might have changed payroll companies. These are just a few reasons it’s important to check every time you get paid.
Pay stubs not only detail what you have earned, they are essential proof of income for matters such as:
- Buying a car
- Renting an apartment
- Applying for a loan
- Purchasing a home
- Obtaining a credit card
- Applying for unemployment
Errors in payroll are more common than you think. The American Payroll Association estimates that one in three employers makes mistakes by underpaying an employee, or making tax calculation, benefit deduction, and paid time off errors.
Keep track of your paid time off and see if it matches up. Double check your benefit elections to make sure you are covered for the right amount and that 401(k) contributions are correct. A little diligence every time you get paid can ensure that you receive the wages, benefits, and paid time off you deserve.