Hi-
I work in the payroll industry and I'm flabbergasted by the amount of people who do not review their paystubs. This can cause a lot of turmoil. Please please PLEASE review them on a recurring basis and during periods of change. I recommend reviewing them twice a year minimum: beginning and midyear (January and July-ish). As mentioned above, I also recommend reviewing them during periods of change (like when you're expecting a raise or after open enrollment).
Here's what to check:
Your pay rate
your hours
The math (hours * rate, noting that overtime rate may not be listed as 1.5x your regular rate on the paper, but the math should still work out)
Deductions – are you paying for anything you aren't expecting? Are you missing anything?
Taxes – you should have federal income tax, state income tax (depending on the state), Medicare, social security. You may also have local taxes depending on your area.
net pay (total earnings minus total deductions minus total taxes.)
️ also helpful to check your address (if it is on your stub) in case it needs to be changed.
Once you're used to it, this process can take as little as 5 minutes. It's imperative that you check your stubs regularly. Doing so will ensure that you are being paid properly and won't owe any money to anyone. Stay away from the mindset of “it's the payroll person's responsibility” – mistakes happen. Even if it's the payroll person's fault, the wronged party still has to be made whole. If you received too much money, the excess has to be returned to the company. If the company didn't charge you for your health insurance, you have to pay them back. If income tax wasn't withheld (and you didn't catch it until tax season), you'll have to make arrangements directly with the government agency to pay them.
Save yourself the headache by investing 20 minutes of your time every year.
Thanks for coming to my ted talk.