September 6-10 is National Payroll Week, which recognizes the valuable contributions America's workers and payroll professionals make every day in our community. To celebrate, Nextep's team of Payroll Professionals offer these tips to help your employees stretch their paychecks.
- Use direct deposit. This will greatly reduce the number of lost, stolen, or delayed checks and the stop payment fees that accompany them.
- Take advantage of pre-tax benefits. These include health benefits, college savings plans, medical and dependent care flexible spending accounts.
- Maximize your 401(k). If your company offers matching funds for retirement contributions, encourage employees to contribute as much as they can. They may be giving away free money.
- Withhold the correct amount of taxes on IRS Form W-4.
A withholding calculator is offered by the IRS at http://www.irs.gov/individuals/article/0,,id=96196,00.html.