You may lose Social Security funds, tax withholdings, income or other benefits if you do not catch mistakes one employment related documents.
If you are a new employee or if your paycheck is directly deposited, you may not be in the habit of reviewing each pay stub. Not reviewing your pay stub each pay period could cost you your retirement funds, earned vacation time, cause income tax problems, or a host of other unpleasant outcomes. Reviewing Social Security and other retirement funds for accuracy is especially imperative for workers nearing retirement or who may be facing a job loss.
Errors can occur for many reasons. Incorrectly completing the W4 form is a common cause of misdirected benefits. If a Social Security number is off by one digit, it can cause many problems that need to be addressed immediately. Other clerical errors, such as an incorrectly entered amount of tax withholdings can cause a major tax paying headache.
The first step to protect your pay and benefits is to check each pay stub for correct name, social security number, hours worked, and withholdings.
Fortunately, there are remedies for most of these problems if they are discovered in a timely manner. The resources below can help you learn how to safeguard your earnings and benefits from clerical errors and how to correct mistakes.
Understanding your pay stub
Social Security Information
W2 and W4 Information
- The IRS guide
to fixing W2 errors or replacing lost W2s. - About.com explains W2s and how to correct errors.
- About.com
explains how to read your W-2, Wage and Tax Statement. - H&R Block explains what to do when your W2 is wrong.
- H&R Block explains how to complete a W4 form.
- About.com explains how to complete a W4 form.
Problems Caused by Clerical Errors