Summary
The article explains how to understand your new paycheck, emphasizing the difference between gross pay (total earnings) and net pay (the amount you take home after deductions). The article breaks down mandatory deductions, including federal and state taxes, Social Security, and Medicare, which significantly reduce your earnings. It highlights the importance of reviewing pay stubs to catch errors and ensure correct withholdings. Optional deductions, such as health insurance and retirement contributions, also affect net pay. The story advises using salary and take‑home pay calculators to estimate earnings and suggests contacting HR promptly to resolve discrepancies for better financial planning.
Small Business Trends
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