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A paycheck is composed of both voluntary and involuntary deductions, which may be employee and/or employer related. As an employee you have control over some of these deductions, such as the amount of federal and state withholding that will be taken from your paycheck each month, or when you have elected to pay for a parking permit or gym membership by payroll deduction. Other deductions such as Social Security and Medicare are determined by federal legislation. The column that affects net pay is, of course, the "Employee" column listed on your earnings statement, and the one that you will want to review carefully each month. It is especially important to review this column when you have requested changes on your W-4 or started a new voluntary deduction such as the Charitable Fund, for example. The above links provide additional information on just a few of the many deductions that are listed on your earnings statement. | |