Personal Resource Center

How to Understand Your Paycheck

Tips to understand your paycheck, exemptions, deductions, and more.
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Did you know? Exemptions allow you to adjust how much money the government withholds from your paycheck for taxes.

The importance of reviewing your paycheck

At the end of the day, you're probably mostly concerned with just the bottom line. But you should review pay stubs every pay period to make sure there aren't any errors. The wrong number of allowances could mean you'll have too much — or too little — withheld for taxes, and an incorrect 401(k) contribution could mean missing out on extra money every time you get paid.

And, in our digital world, make sure you've signed up for direct deposit with your employer. Direct deposit removes the hassle of receiving a paper check and allows you to instantly get your money deposited into your checking account on payday.

If you'd like other tips on managing your finances, don't miss these articles on budgeting tips to help you save money and checking accounts.

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This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

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  3. Morgan Scarboro, “State Individual Income Tax Rates and Brackets for 2018," Tax Foundation, accessed March 5, 2018. Back
  4. Adrian D. Garcia, “Is a state with no income tax better or worse?" Bankrate, accessed July 27, 2018. Back