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Quick Tips to Help You Earn a Larger Paycheck
Posted on 09/15 by Erin Helms
Are you wanting to earn a larger paycheck but do not foresee a raise or promotion soon? Take heart. There are ways you can increase your compensation. Check out these financial changes that can help you earn a larger paycheck.
Adjust W-4 Exemptions
Are you getting a big tax refund each year? The best way to increase your take-home pay is to adjust your taxes. You are likely having too much taken out each payday. Consider using an IRS Withholding Calculator to determine your actual withholding status.
Increase 401(k) Contributions
401(k) contributions are withdrawals from your paycheck to fund your retirement account. The deferred incomes are not subject to federal income tax withholding at the time of deferral. Because the contribution is out before federal income tax reduces your taxable wages, your take-home pay increases.
Stop 401(k) Contributions
You can also stop your 401(k) contributions. After taxes, insurance, and other benefits, many people do not visually see much of their paycheck. They contribute to a retirement plan they might not see for decades. If you need cash for financial goals now, stop your contributions until you feel you are back on your feet again.
Negotiate a Raise
Most employers adjust their compensation rates depending on current market conditions. If the market value for a specific skill you possess is high, you have grounds to request additional compensation. Take a look at salary information for various positions throughout the U.S. and leverage your strengths to negotiate extra payment.
Adjust Your Healthcare Plan
You might consider eliminating any plans you do not need or adjusting them. Is your health plan appropriate? If your deductible is low, you might be paying more per month. Consider opting for a high deductible. A large deductible with a lower monthly premium works for people who require minimal healthcare.
Work Overtime and Get Paid for It
So many employees work more than 40 hours per week and do not receive overtime pay. Millions of lower-middle-class and middle-class workers are working overtime and not getting paid. Are you at work more than 40 hours a week? See if you are entitled to overtime pay and take advantage of it.
If your current job is not paying you fairly, it might be time to find another position. It helps to stay with an employer for two years. Your first option should be to search for another position within the same company.
Seek Reimbursement for Work-Related Expenses
Are you paying for various job-related expenses like travel, meals, clothing, and tools out of your pocket? Ask your employer for reimbursement. Use a company credit card if possible. If work-related expenses are not taxable income, you should not include them in the W-2 form your employer files with the IRS. Let LaborMAX help you find work nationwide.
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