Payday is finally here and you're ready to collect your hard-earned cash. But when you look at your paycheck, you realize that something doesn't add up.
More than half of workers in the United States have experienced an issue with their paycheck at some point in their career, according to a 2017 survey from The Workforce Institute at Kronos Incorporated.
"Errors are going to happen," Bill Dunn, director of government relations for the American Payroll Association, tells CNBC Make It. "They are not common, but they do happen."
Instead of missing out on money you've worked hard for, or getting hit with a painful bill come tax time, review your pay stub regularly, and look closely at the following:
- Were there changes in gross or net pay?
- Were your wages recorded correctly? (For hourly workers, were you paid for all hours worked, and for salaried employees, was your salary was recorded correctly for the pay period?)
- Were taxes withheld, both federal and state?
- Are your 401(k) (or other retirement account) contributions correct?
- Are other benefits, such as healthcare, cafeteria plans, life insurance, disability or commuter benefits being withheld correctly?
If there is a mistake on your paycheck, there are steps you can take to right the error quickly and prevent any future mistakes from becoming a larger issue.