A pay stub is a valuable source of information when building financial models and evaluating cash flow. It provides insight into income, tax, retirement savings, various insurance costs, etc.
A periodic paycheck review can be a productive exercise, demonstrating how your earnings translate into net pay. As you guide a client through their pay stub, you can help them to understand the automated tax withholdings, savings, and payments that they make each pay period, and appreciate any employer benefits that augment their compensation package.
This flowchart helps you lead through a series of considerations when reviewing your paycheck. It covers:
- Hours worked and vacation time
- Tax withholdings
- Voluntary payroll deductions
- Pre-tax vs. after-tax expenses
- Employer-paid benefits
You may find this flowchart on Acumen’s Resources page: Pay Stub Review 2021
If you’d like to discuss your personal situation and learn more about how Acumen can help you Invest Intentionally®, please contact us.
IMPORTANT DISCLOSURE INFORMATION
This report is provided as a courtesy for informational purposes only. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness.
Report Not a Solicitation
This report is not a solicitation or recommendation to make changes to your tax withholdings. Do not act or rely upon the information in this publication without seeking the services of competent and professional legal, tax, or account counsel.
Report Does Not Provide Legal, Tax, or Accounting Advice
This report does not provide legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications, you should consult appropriate professionals for advice specific to your situation.
For More Information
You should seek the services of your legal and/or tax advisors when making financial decisions. It is also recommended that you visit the IRS website at www.irs.gov for additional information.
Acumen Wealth Advisors, LLC® is a Registered Investment Advisor. Advisory service are only offered to clients or prospective clients where Acumen Wealth Advisors, LLC® and its representatives are properly licenses or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Acumen Wealth Advisors, LLC® unless a client service agreement is in place.