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Posts tagged with: paycheck

Paycheck Blunder

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I was oh-so-excited for my very first 2-week paycheck that was direct deposited into my account on Friday. I was giddy as a child on Christmas morning opening up my bank account information online only to discover…

I got paid nearly the same for my TWO weeks of work as I did on my last check for ONE week of work (in full honesty, this check was about $80 more than last time’s check…but for a full extra WEEK of work!!!)

My jaw dropped when I saw the deposit.

IMMEDIATELY I logged into my school account to view my paycheck and find out what happened.

And, as it turns out, it’s a combination of things.

First, I hadn’t elected my benefits yet in time to have them withdrawn from my last check. The only withholding it contained was the mandatory 401(a) contribution and my taxes. In contrast, this check had OVER A THOUSAND DOLLARS of deductions (not even including taxes)!!! Ouch! I elected for a LOT of things to be withheld, including: my mandatory 7% 401(a) contribution plus an additional contribution to bring me up to 10% withheld; all our medical, dental, and vision insurances, taxes, and the BIG one is the FSA for dependent child care to the tune of $500/paycheck. That one will serve me in the long-run because it allows me to pay for childcare with pre-tax money. But it still hurts to have that all added up to be over half my paycheck!!! (also, side note: the max I can contribute to the FSA is $5,000/year. So this level of withholding allows me to use $5,000 pre-tax toward childcare in 2015, then I’ll start over again in 2016. Once I hit the $5,000 max limit these withholdings will disappear and I’ll have to pay remaining childcare costs with after-tax money)

Only…those deductions shouldn’t equate to half my paycheck!

After a more careful inspection of my paycheck I realized I’m getting paid the wrong amount!!!

I’d been hired at ($X) over a 9-month contract. That way I can either take summers off or, if there’s additional work, I can get paid extra to work over the summer (essentially securing a 25% “raise” by working over the summer). When I was hired the business manager said that most faculty members prefer to have their pay spread over a full 12 months so they don’t go without pay over the summer. She could show me how to do that. I said thanks, but never pursued it. In my own mind, I’d rather get my money up front within the 9 months. Hubs still gets paid over summer, we could set up some type of “savings” to set aside some money for summer, or I could just hustle and try to teach over the summer for additional income. But, no, I was not a huge fan of just letting them keep my money and divvy it up over 12 months. I want as much as I can get now, thank you very much.

So when I calculated what was going on it was easy to see. Apparently I’d somehow been opted into the 12-month pay cycle instead of getting paid over 9 months as I’d intended. That essentially makes my income drop 25% (since it’s being spread over an additional 3 months).

Soooo, what would you do?

My knee-jerk reaction is to go to the business office and ask them to correct it. I want to get paid over 9 months, not 12. But are there any great reasons to keep my pay over 12 months? Anything I’m overlooking?

One additional piece of information is that if I opt for 9 months of pay, then I get double-dinged for insurance payments in the Spring semester (in order to cover the unpaid summer months). If I stick with the 12-month cycle then the payments stay the same year-round.

Thoughts?


Side Hustles June 2014 Edition

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So far this month there really isn’t much to say on the Side Hustle front. But I did want to go into detail over a few details.  

$257.26 First Check from Contract.  This was for eight hours of work and Mileage.  There were a few hiccups with this project, the first being that I agreed to a bigger area of coverage.  I didn’t account for some of the locations to be over a hour to get to (Which I do not get paid for.)  So that eats away at the profit.  

I could look it as in the eyes of an employee, who doesn’t get paid to commute to and from work. But I always look at the amount per hour that I make, so I can average it out, so I won’t look at it from that prospective.  

Second thing, I am not getting paid between locations.  No matter what company I have contracted with they have always paid between locations during the same day.  I have worked with this company numerous times and this is the first that this has happened.  I had to reach out to my point of contact and she is asking around, for this shouldn’t be.  

Another thing to note that this company doesn’t pay the maximum amount per mile to a location, I will be able to deduct the difference on my taxes.

$117 Tips From Clients.  This amount is a little higher than normal and I am not sure the reason.  I am believing it to be that this month is the half way mark of the year, so people are tipping me accordingly.  

Usually I only count the cash tips I receive from Clients, simply because if they used their credit/debit cards to pay that amount doesn’t come directly to me that day, I get it in my monthly check the following month.  These card tips usually evens out my supplies expense.  

$137.30 Amazon Profits.  This was a great month so far with the cereal I placed in Amazon.  I made a post in the middle of last month, that I did a Reevaluation and decided to keep Amazon in the arsenal.  Turns out it was a good decision and bad.

Amazon Orders June 2014

Unfortunately being so new to this, I made a few mistakes this month.  The biggest is that I bought around 500 cans of Chef Boyardee to send into Amazon on the cheap. Everything was looking great, it had a great sales rank (meaning it was selling well), I would be getting about 150% ROI on the product.  After all fees were taken out, I would make about $16 for a pack of 24.  

What I did not take into account was the weight of these cans.  Since you can only send 50 pounds per box into Amazon, I would go through a lot of supplies to ship them, plus the shipping fee would eat away a good amount of profit.  So I decided to sit on these products.  I will be probably going to some Farmer’s Markets to sell some of my coupon overstock.  Plus I might bring some used stuff.  Seems like a good way to spend a few days.  I will probably make about 80% ROI selling them through this venue, which is still good, but I definitely would have made more through Amazon.  

Another thing is that I decided to forgo the Pro Seller account, which costs $40 per month.  From what I read is that once you start selling 40 items a month is when you should go Pro.  The biggest benefit being that they don’t charge the $1 per order fulfillment fee.  So basically if you sell 40 items or more a month, this is a no brainer.  

For the month prior I had the free trial of the Pro Selling Plan.  Well now that I am on the Individual Selling Plan, Amazon reserves money from orders confirmed as shipped during the 14 days immediately preceding each settlement date (the day they pay the merchants.)  So now I have to wait for all my money to be disbursed throughout the month.  

Today I received $5.94 out of this amount.  Then I will receive $51.51 on July 1st.  It kinda sucks, maybe I should pay the $40 a month?  It probably will motivate me more to sell 40 items each month don’t you think?

Well there is still six days left in the month, wish me luck!


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