GeekMBA360

Career and Money Advice At The Intersection Of Business And Technology

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Is your paycheck correct?

February 27th, 2009 · 3 Comments

When you receive your paycheck each time, do you check and make sure it’s correct?

I know some folks who never bothers to check — their paychecks are automatically deposited into their bank accounts. But, let me tell you that I have run into all sorts of payroll errors throughout my career:

  • Travel expenses were not reimbursed correctly. 
  • I told the payroll to suspend 401K deduction, but they forgot.
  • Medical premiums were deducted incorrectly
  • The second half of my signing bonus was not deposited to my bank account when I became eligible for the bonus
  • This is the most incredible one — I once interviewed with a large publicly traded software company. They offered me a job, but I never took it. This company kept sending me a paycheck for six consecutive months. Of course, I never deposited the checks, and kept calling them to let them know that it was a mistake.

I also had the opportunity to making improvements to an internal accounting system for one of my employers. Here is what I learned: Accounting and Payroll professionals are humans. They make mistakes!

Everyone should take a close look at your paycheck to make sure you’re paid correctly. I have find the free PayCheckCity.com Paycheck Calculator to be fairly accurate — at least in my case, its calculation is very close to what I’m supposed to get paid.

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3 responses so far ↓

  • 1 Abhijeet Pardeshi // Mar 2, 2009 at 3:42 am

    As far as payroll is considered, this is really horrible. I cannot imagine sending payroll cheques without being employed by employer. What kind of payroll work is this. Payroll is being generated just because they are getting generated. Outsourcing really helps. In this turbulunt times. it is really a waste of money.

  • 2 Abhijeet Pardeshi // Mar 2, 2009 at 8:42 am

    As far as payroll is considered, this is really horrible. I cannot imagine sending payroll cheques without being employed by employer. What kind of payroll work is this. Payroll is being generated just because they are getting generated. Outsourcing really helps. In this turbulunt times. it is really a waste of money.

  • 3 Black Friday hdtv // Oct 17, 2010 at 1:58 pm

    Great job. Good article I must say.

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