Power Of The Paycheck
Helpful Terms & Tools
What’s in a Paycheck
Yahoo – nothing feels as good as payday, but did you know that besides paying your bills, your paycheck can actually help you meet your financial goals?
You look forward to your paycheck, sometimes counting the days until it hits your account. But besides freeing you from another package of ramen, your paycheck is actually a powerful financial tool – and lots of women don’t realize just how powerful it can be.
Remember when you started that new job and you filled out all that paperwork about deductions and auto drafts and benefits? Well, those are all choices you get to make about your financial future, and those choices can turn your paycheck into an engine that opens up new worlds of financial possibilities.
This handy guide will help you learn about your paycheck (not as simple as you might have thought) and how to manage it to provide the greatest benefit (not as complicated as you might think). We’ll tell you about how deductions can be used to help achieve financial goals, how to setup your exemptions to improve your tax withholdings, how you can take advantage of free money from your employer, and how to understand the numerous sources of income you might be overlooking.
Are you ready to take another gander at that paystub and see what your paycheck is (and isn’t) doing for you? Then read on, sister!
- How to use payroll deductions strategically to save money, build investments, reduce income taxes, and pay for employee deductions
- How to manage your income and deductions (thus affecting your take-home pay) through withholding strategies
- How to get free money from your employer
- How to calculate all of your sources of income to avoid over or under paying for taxes
Big Financial Impacts
Did You Know
You can avoid surprise income taxes by keeping track of all your sources of income (not just your paycheck). Income could include tips, gambling winnings, rental income from owned property, unemployment compensation, social security income, lottery winnings, alimony/child support, if you sell something – like a car, scholarship income, and more….