When it comes to our paycheck, we tend to focus on the bottom line and think about how we’ll spend or save that money. But some of the most important decisions for our financial future are among the myriad of deductions above that line. Unfortunately, they’re often hastily determined in a flurry of paperwork when we first start a new job and are never revisited.
With summer coming to an end and open enrollment coming up for many employers, this is as good a time as any to take a closer look at your paycheck. In fact, the American Payroll Association decided to designate this week as National Payroll Week, which is a campaign to help American employees better understand their paychecks and their payroll-driven benefits. Let’s take a look at some of those deductions and how they can affect your financial well-being.
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