Launching Financial Grownups by Bobbi Rebell

Author:Bobbi Rebell [Rebell, Bobbi]
Language: eng
Format: epub
ISBN: 9781119850076
Publisher: Wiley
Published: 2022-03-07T00:00:00+00:00

Pay Period

This may not seem significant, but it is worth noting how our children's paychecks are scheduled. For example, some paychecks come out twice a month, which works out to 24 paychecks per year. Some paychecks are every two weeks, which means about 26 paychecks a year and thus a lower amount per paycheck. They should also note the date of deposit. Some companies pay employees a bit ahead and some a bit in arrears. This isn't something your child can control, but it is something they should be aware of and understand.

HOURS WORKED Many companies will have this in your child's paycheck even if they are not paid on an hourly basis. In that case, it will appear the same on every paycheck. It is worth noting because it can be confusing to a new-ish worker who receives a set salary, even though for accounting purposes the company breaks their compensation down to an hourly wage. This was my experience at one of my reporting jobs and I went to HR to make sure I had been placed in the correct pay band and my job classification was correct. Mistakes do get made so if you have any concerns, have your child confirm everything was put into the system correctly.

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