National Payroll Week Sept. 2-6 Follow These Tips to Make the Best of Your Earnings
September 2-6 is National Payroll Week. To celebrate, here are some tips for managing your finances from Matthew Sanford, director of tax and compliance for Payroll Center, a leading company in online and traditional payroll services for more than 30 years.
National Payroll Week celebrates America's 156 million wage earners and the payroll professionals who pay them. Through the payroll withholding system, they contribute, collect, report and deposit some $1.78 trillion, or 70.5 percent, of the U.S. Treasury’s annual income, according to National Payroll Week statistics.
Matthew Sanford, director of tax and compliance for Atlanta-based Payroll Center, a leading company in online and traditional payroll services for more than 30 years, offers these tips for managing one’s finances.
* Each year, the Social Security Administration sends a statement showing your earnings history and an estimate of the retirement, disability and survivors benefits you and your family may receive based on those earnings. Check this statement carefully to ensure your earnings are recorded accurately. Report any errors immediately to the SSA.
* Check also that your name and social security number on your social security card match your employer’s payroll records and W-2. Let your employer know of any discrepancies immediately.
Plan for retirement, save now
* Even though it may seem like “forever” until you can retire, it’s never too late to start planning for it. Talk to your company’s payroll staff to ensure you are having an advantageous amount in taxes withheld from your pay. A wise use of your refund check could be to put it in an interest- or dividend bearing account so it will work for you.
* If your employer makes matching contributions to your retirement plan, contribute as much as you can so as to double your savings.
* Consider ways to spend less now by cutting back on non-essentials. That alone could result in considerable savings.
“It can seem to us to be a real challenge keeping up with our earnings, but doing so definitely can be time well spent,” Sanford said. “It can help lead to a happy and secure retirement someday…something we all strive for.”
Sanford also encourages individuals to obtain the Paycheck Maximizer app at http://www.nationalpayrollweek.com/edu_w4.cfm, which will enable users to adjust their Form W-4 to put more money in their pocket every payday.
About Payroll Center Inc. (www.payrollcenter.com)
Payroll Center Inc. is a leading company in online and traditional payroll services. In business for more than 30 years, PCI has helped define online payroll services with its innovative ONPAY™, which enables employers to create and review pay checks or access payroll reports online within minutes 24 hours a day 7 days a week. Other services include payroll tax and deduction calculations and payments and a pay-as-you-owe workers’ compensation plan. PCI employs experts in the fields of employer services and software development and requires strict ethical standards.