Payroll Questions Anyone?

[yburgin]

Hi everyone. I have benefited greatly from some of the experts on this boards, so I wanted to give back if I could. I am a payroll professional and I work in converting payrolls to our company(which I am not here to promote) and that includes auditing the YTD information.
I cannot tell you how many times I come across companies doing their payroll wrong, which almost always leads the the employees loss.
So if anyone had questions about their check, and what comes out of it, feel free to ask.
There are lots of ways you can save yourself moving by enrolling in your companies FSA or 401k, if they offer one.

[CATCHMEIFYOUCAN]

Just curious, I have pre-tax dollars going into my 401k. Is that better than after-tax. Ok, it could be a dumb question, but I'm really curious!

Thanks, CMIYC

[yburgin]

Just curious, I have pre-tax dollars going into my 401k. Is that better than after-tax. Ok, it could be a dumb question, but I'm really curious!

Thanks, CMIYC

Yes, Not only are you not taxed on those deffered dollars for federal and most likely state, but any dollar deffered into a 401K also does not show up in box 1 of your W2, and therefore it reduces your taxable income and possible your tax bracket.

What is even better is if you defer $ into a Flex Spending Account, Those dollars are exempt from Fed, State, Social Secuity and Medicare. That can have a huge impact on your net (take home) pay.