28
votes
Does a direct deposit arrangement also enable direct withdrawals?
Usually, when you sign up for direct deposit you have to sign a form giving your consent. This contains a clause which allows the company to make withdrawals up to the paycheck amount, in order to ...
- 10.1k
10
votes
Monthly bonus via cash or gift card?
A bonus isn't a gift, even if it's paid with a gift card. It's earned compensation, and it gets taxed as part of your salary.
If it was a gift, the gift tax would be the responsibility of the giver, ...
- 5,522
10
votes
Is an earning statement a paystub?
Yes, your earning statement is your paystub.
Back in the olden days*, before direct deposit, your employer would give you a physical check that you had to take to the bank. Your earning statement ...
- 116k
7
votes
Semimonthly, now only 23 checks in 2018?
Your pay stub should list the exact work dates that the paycheck covers. Look at your pay stubs before the change and after, and make sure that no days got missed. Talk to payroll or your boss if you ...
- 116k
7
votes
Insurance taken out when payed 3 times in a month
I worked at a company where I got payed every 2 weeks. Insurance would
be taken out out of each check. On the months we got 3 checks they
would still deduct insurance out of the 3rd check. Is that ...
- 145k
6
votes
Free Money Payroll from Ghost Accounts
If a stranger is offering to give you a bunch of money for doing nothing, it's probably a scam. You haven't given enough info to tell how it works, but I'd guess it's a variation of something like ...
- 1,157
6
votes
My employer doesn't provide an electronic pay stub and I need one to get a car loan
What I ended up doing was getting a notarized copy of my withholdings and a statement from my employer saying what I earn hourly and annually.
I checked all my options first -- I could not get a bank ...
- 81
5
votes
Calculate hourly wage from annual salary offer?
First, double check that you aren't reading it wrong. Ensure that the number you are pulling is based off of the pre-tax hourly rate (usually this is on the leftmost side before any deductions are ...
- 914
5
votes
Does a direct deposit arrangement also enable direct withdrawals?
Note that many large companies don't offer any other payment methods, so you are bound to use direct deposit (or work for free or get another job).
I have never signed anything, and from the people ...
- 38k
5
votes
How to contribute to HSA with after-tax income and regain taxes paid?
When you file your taxes, the contribution will count as a deduction, so it is effectively pre-tax (talking about federal income taxes, which is the typical understanding of 'pre-tax').
What it doesn'...
- 38k
4
votes
Monthly bonus via cash or gift card?
If the "bonus" is dependent on your (or your branch/company's) performance then it is legally considered wages. If the money is not included on a paystub and the applicable taxes withheld, ...
- 10.1k
4
votes
Paying myself as the Director of UK Limited Company
You’re not required to pay yourself anything — you can work for your own company for free. But if you do want to take money out of the company for your own use, that has to be done either as salary or ...
- 23.7k
4
votes
Salary Conversion from Bi-weekly to Semi-monthly Mid-year
Your 566.67 hours calculation is incorrect. On Jan 11 you got paid for time worked between Dec 22 and Jan 4, that's only 4 days of pay in current year, 6 in prior year (based on your figures I'm ...
- 71.2k
4
votes
Accepted
How were these values calculated for Federal and State Income tax on my pay stub?
The short answer
The formula, for your specific case, is:
((($5,833.96 * 12) - $8,600) - $46,125) * 0.22 + $4,807.50) / 12 = $680.80
This will be true for the remainder of the year, assuming that you ...
- 191
4
votes
How were these values calculated for Federal and State Income tax on my pay stub?
There's not a single formula. Essentially your total income for the year is extrapolated (e.g. $5,833 * {# of pay periods}), your deductions estimated based on your filing status and exception claimed ...
- 142k
4
votes
Does a direct deposit arrangement also enable direct withdrawals?
It depends on the clause of the Direct Deposit agreement.
Some Direct Deposit agreements include a clause including permission to make withdrawals, the actionary phrase may be as simple as 'I permit {...
- 141
4
votes
My employer doesn't provide an electronic pay stub and I need one to get a car loan
You have a few options and sometimes challenges help us improve our situation.
First, you can not borrow to buy a car. Reducing the massive depreciation that cars undergo will help you be wealthier. ...
- 79.6k
3
votes
Is an earning statement a paystub?
Yes, an earnings statement is a paystub, or pay advice.
It gives an accounting of your pay from the payroll department including salary, vacation, holiday, or sick days. For hourly employees it might ...
3
votes
Services in lieu of membership dues
In today's world, there is a fine line between an employee and a contractor. If a person was hired as a contractor, but had the same pay periods as an employee, used the same equipment as an employee, ...
- 10.2k
3
votes
Accepted
UK Payslip - Average Holiday Pay
Since 2014, holiday pay is supposed to reflect non-guaranteed overtime (i.e. if you work occasional overtime they are supposed to assume that you would have worked the same proportion when you are on ...
- 25.2k
3
votes
Am I owed another paycheck for the month of March?
You'll have to confirm with your employer, but I don't think they skipped paying you.
It looks like they shifted payday back, so your end of month paycheck now comes on the 5th of the next month and ...
- 71.2k
2
votes
What does "Reg Wages NP CP" mean on a paycheck?
Pay stubs are a mix of requirements. Some items must be there, others depend on the company, and even a union contract. I worked for one company a long time ago where the monthly coffee club dues ...
- 145k
2
votes
Does a direct deposit arrangement also enable direct withdrawals?
Personal: A company I had worked for erroneously posted two checks to my direct deposit. There was also a debit in my account, for correction. So I can not say if it is a withdrawal per se, or just a ...
- 1,183
2
votes
Salaried Payroll Conversion Semi-Monthly to Bi-Weekly
If you took the semi-monthly employees and delayed payday the until the next Thursday, then those employees would also receive part of their December pay in January. You are doing two things: ...
- 145k
2
votes
Accepted
Virginia labor law regarding payroll
The VWPA (Virginia Wage Payment Act) does not apply to payroll of executives:
A. All employers operating a business or engaging an individual to perform domestic service shall establish regular pay ...
- 47.3k
1
vote
Number of weeks in financial years (UK)
Every year has 53 weeks as there are no years with only 364 days (52 * 7)
If you are paid weekly you may have only 52 payslips in a particular year – but as to which years, this depends on which day ...
- 3,720
1
vote
After-Tax Deductions Concerning my RSUs
When RSUs vest, the value at the time generally becomes taxable income for you (if they aren't tax-exempt for some reason), and your employer is responsible for withholding tax just like with normal ...
- 30.2k
1
vote
Should the difference between taxable pay and gross pay be roughly equal to pension contributions
Do you also have a statement from your pension provider (or online access to your pension account) stating how much is being paid in?
Your payslip should also explicitly state total gross pay and ...
- 25.2k
1
vote
UK Contractor (Limited company) - How to manage payroll when still deciding annual salary
Why don't you just max out to the £8424 salary, then not pay yourself a salary till the end of the tax year (live off dividends until end of june).
do you have an accountant ?
- 11
1
vote
Does a direct deposit arrangement also enable direct withdrawals?
No, direct deposit doesn't permit withdrawal. But keep in mind that every company or person performing transactions can file for a withdrawal of same amount that they deposit. However their is a ...
- 111
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