Tips for Checking Your Paycheck in 2024

Author

Phillip Washington Jr.
December 08, 2023

Key Takeaways:

  1. Review your paycheck at the beginning of the year to ensure accuracy and maximize tax savings.

  2. Understand the various codes and deductions on your paycheck to ensure proper withholding.

  3. Seek help from HR, your employer, or a CPA if you need assistance understanding your paycheck.

  4. Take advantage of pre-tax deductions to reduce your taxable income and maximize benefits.

Chapters:

Timestamp Summary

[0:00:05] Introduction of Philip Washington, Jr. as a registered investment advisor.

[0:00:08] Disclaimer about the information presented in the podcast.

[0:00:31] Reminder that past performance is not indicative of future performance.

[0:00:38] Introduction of Allison Rife Martin, CPA Extraordinaire.

[0:01:15] Discussion about planning for taxes and making gingerbread cookies.

[0:02:12] Importance of checking paychecks for accuracy and benefits enrollment.

[0:04:14] Ways to understand and read paychecks, including consulting HR or a CPA.

[0:06:25] Suggestions for using payroll calculators or YouTube videos to understand paychecks.

[0:09:03] Importance of checking pay stubs for deferred compensation or additional income.

[0:10:54] Contact information for Allison Rife Martin.

[0:11:37] Philip Washington, Jr. is a registered investment advisor.

[0:11:41] Information presented is for educational purposes only.

[0:11:41] No offer or solicitation for the sale or purchase of securities.

[0:11:41] Investments involve risk and are not guaranteed.

[0:11:41] Consult with a qualified financial advisor and tax professional.

[0:12:04] Past performance is not indicative of future performance.

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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