Does Your Paycheck Seem Too Little?

PaycheckChances are many of you have had a summer job in high school, earning extra spending money in college or actually putting yourself through college. If so, were you shocked when you received your first paycheck?  It can be a shock for many when they put in the hard hours and then get a paycheck that is much less than they had anticipated. The next big puzzle is understanding all the terms of the deductions that are taken out of the paycheck.  We found a great article that breaks down your paycheck at Knowledge at Wharton High School.

This article explains the deductions taken out of most paychecks whether you are serving coffee or performing brain surgery.  They include:

  • Federal income taxes
  • State income taxes
  • Social security
  • Medicare benefits (if you work full time for a company)

It ends with an excellent tip of taking advantage of direct deposit – where your paycheck is automatically deposited into your bank account. Check it out here!

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