In this episode, I break down the importance of understanding your pay stub. Many people overlook it, which can lead to missed tax opportunities, under-saving for retirement, and overpaying for benefits. Some highlights:
- Gross Pay: Understanding your full earnings before deductions
- Pre-Tax Deductions: How these can lower your taxable income and what to look for
- Taxes Withheld: Knowing your federal and state tax withholdings
- After-Tax Deductions: Mega Backdoor Roth 401k and ESPP
- Employer Benefits: What to track and consider for your overall compensation
- Net Pay: Knowing what you actually take home
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✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com
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Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.