Who couldn’t use a few extra bucks in their paycheck right now? Since the new tax laws went into effect, employees are seeing a little less green in their weekly salary. While it might not be more than $50, these days that’s a tank of gas or a week’s worth of fancy coffee. So as American’s what do we do? We pull every string in the book and try to increase the dough we got coming in every pay period but, how? Does it all come down to asking for a raise, or are there other ways to get that $50 floating back into your pocket? Here are a few ways to get more money in your next paycheck.
Request a copy of your pay stub, if you don’t usually get it. Take a good look at the withholding deductions near the bottom. If you feel that Uncle Sam is taking out more than he should, ask Human Resources for another W-4 form to complete. The W-4 is a form you fill out whenever you start a job. You use it to choose the amount of Personal Allowances you claim. The more Personal Allowances you claim, the less taxes you’ll have taken out of your paycheck. You need to have enough taxes taken out of each paycheck, or else you’ll end up owing money to the IRS at tax time next year.
Check your payroll deductions for things you might have too much of. As part of your total compensation package, you probably receive benefits that include life, medical, dental, and long-term disability insurance. Are you a relatively healthy person? Sometimes it’s beneficial to see if switching to lower-cost insurance providers or decreasing your amount of coverage makes sense for you. Doing so will give you a slight bump in pay.
If you use your car or cellphone for work you probably submit expense reports for the time or miles used for business. These reports should be turned in on time in order to collect reimbursements. Make sure you are aware of your company policy for driving to and from special meetings or conferences. You may be missing out in some areas that you could be getting paid for.
Cash in on your unused vacation time. This will depend on the company you work for. Do you have more vacation time than you actually use? With company holidays and floating holidays, you may have more time off than you need. If this is the case, then cash out some of your vacation time. These hours are usually paid at your hourly rate and subject to income tax. Check your benefits handbook to confirm.