One item to be aware of as we move into the new decade is the importance of checking your paystubs on a regular basis to ensure accuracy, particularly with regard to your withholding. A recent study has shown that most people receive their payroll check through direct deposit and their paystubs are usually issued by e-mail. As a result of this, most paystubs go unchecked, and unfortunately errors may be discovered in the following year—when it is too late to make any corrections.
To avoid this, we recommend making a habit of checking your pay stubs every month to verify the withholdings are per your instructions—even if you are not not paid via direct deposit.
See our earlier post about the IRS’s online withholding calculator here.