Nextep Celebrates National Payroll Week

26 Coin Money

It’s National Payroll Week — a time during which payroll professionals celebrate their work and share their paycheck-stretching knowledge.

Getting paid accurately and on time is important to employees and those who depend on them. That’s why it’s important to have the knowledge to make educated decisions about your payroll withholdings and deductions and a payroll team you can count on.

By using modern advances in technology and tax advantages, you can maximize your paychecks by utilizing several strategies:

Use direct deposit

Direct deposit greatly reduces the occurrence of delayed, lost, or stolen checks. Employees can establish multiple accounts and have a set amount or percentage of the paycheck automatically deposited into specified accounts. For example, the employee can deposit 10% of each paycheck into a personal savings account and the remainder to a checking account.

Take advantage of pre-tax benefits

There are several benefits that can be deducted from your paycheck before taxes are assessed, including health benefits, college savings plans, and flexible spending accounts. Deferring to these benefits means less of the paycheck will be subject to tax, which means more money goes in the employee’s pocket. 

Maximize your 401(k)

An employee who contributes to a 401(k) or other retirement program helps to ensure his or her financial security in the future. If the company generously offers matching funds for retirement contributions, employees should contribute at least the same amount as the employer match, so they’re not missing out on “free” money.

Withhold the correct amount of taxes

The IRS offers a tax withholding calculator to aid employees in determining the correct withholding amount to claim on Form W-4, based on the employee’s pay, dependents, and other factors. 

For more information regarding paychecks or to recognize your dedicated payroll professional at Nextep during National Payroll Week, please contact Nextep’s Payroll team.

Also on Nextep

Spoiler Alert: Yes We frequently see a question posed to HR pros: “Do I have to pay my employee if…?” We’ll go ahead and give you a major hint at the outset. In many of the scenarios we see, the answer is yes, you do have to pay your employee. Here are a few scenarios. […]
Read more
See How PEOs Empower Your Business During National PEO Week! Nextep is elated to join forces with countless professional employer organizations (PEOs) across the nation to commemorate the inaugural National PEO Week, taking place from May 21 to 27, 2023.  This week aims to recognize the remarkable contributions of PEOs to the US economy, specifically […]
Read more
Future Philanthropists Enjoy the Power of Giving It’s spring 2023, and the kiddos of Nextep have done it again, elevating and enriching the lives of those in their community through the Nextep Charitable Foundation‘s Future Philanthropists program! The program gives the opportunity for children of Nextep employees to donate $50 to their school or a […]
Read more
What to do as a boss in the age of pay transparency Navigating pay transparency in the workplace can be a delicate balancing act for bosses.  On the one hand, it’s important to be open and honest about compensation, but on the other hand, there may be concerns about privacy and sensitive information. First, a […]
Read more
Shining a Light on Compensation: The Bold Move Toward Pay Transparency Let’s talk about the rise of pay transparency in the United States. It’s a hot topic but also relevant as more companies (and employees!) are demystifying employee pay. Pay transparency is the practice of openly and honestly sharing information about salaries, bonuses, and other […]
Read more
Are You Paying Your High-Earning Employees Correctly? In a recent case, the Supreme Court issued an opinion clarifying the overtime-exempt status requirements under the Fair Labor Standards Act (FLSA).  The ruling emphasizes the importance of the salary-basis requirement for high-earning employees to be overtime-exempt under the FLSA. Here’s what you need to know: Under the […]
Read more
Don’t worry. Nextep’s payroll processing is unaffected by the SVB closure. At Nextep, we understand that the recent closure of Silicon Valley Bank (SVB) has caused concern for our clients and their employees who bank with SVB. We want to assure you that Nextep’s ability to process payroll remains unaffected by this event. We are […]
Read more
Your Guide to the Latest Court Ruling on the FLSA Administrative Exemption If you’re an employer in Maine, Massachusetts, New Hampshire, Rhode Island, or Puerto Rico, listen up! The 1st US Circuit Court of Appeals has clarified the Fair Labor Standards Act’s (FLSA) administrative exemption, and it could be a game-changer for your business. In […]
Read more
Asking about salary history may be banned in your state. “So, tell me about your salary history at your current job.” It’s a typical job interview question, often used by recruiters to help gauge whether the candidate would be satisfied with the salary offered at their company. Sometimes, though, the question can help them determine […]
Read more
If you don’t have transparent pay, you may be legally obliged to do it soon.   California is the latest of several states to mandate transparent pay in job postings.  When advertising a job vacancy, California businesses with 15 or more employees must now show a salary range that the employee may expect to earn […]
Read more
From our desk to yours As the year is coming to a close, we have a lot to share! We’ve taken the time to gather the important details for you, from year-end payrolls to important tax updates. Get everything all in one place as we prepare for 2023! Quick year-end Links: W-2 Frequent Questions 2023 […]
Read more
Tax season is upon us! All W-2s will be available in your Nextep account no later than January 31. Here are answers to a few frequently asked W-2 questions. W-2 FAQ What might delay the delivery of my W-2? If your address is incorrect, it will delay your W-2. Please update your address before January […]
Read more

Download Our App