Money tips for students

Opinion

February 6, 2013

Money tips for students

Anonymous Cordele Dispatch The Cordele Dispatch Wed Feb 06, 2013, 05:28 PM EST

Atlanta — When you work, your employer will give you a pay stub when you get paid, even if you use direct deposit.

Understanding the information on the pay stub is vital to managing your money and budgeting, according to KHEAA.

Each company’s pay stub is different, but all employers must include the following information:

• Gross Pay: This is what you earned that pay period before any taxes or benefits, such as insurance, were withheld.

• Net Pay: This is your take-home pay after all the taxes and benefits have been deducted from your gross pay.

• Federal Tax Amount: Federal income tax might be abbreviated as Fed Tax, FT or FWT. This is how much was withheld to pay your federal taxes, based on the W-4 form you filled out when you were hired.

• State Tax: State taxes might be abbreviated as St Tax, STW or simply by the abbreviation of the state in which you reside.

• Local Tax: Some cities, counties or school districts may require you to pay a local tax. You may not have this tax withheld if you don’t live or work in an area that assesses these taxes.

• Social Security Tax: Social Security tax might be abbreviated FICA, SS, SSWT or OASDI. The federal government requires that 6.2 percent of your wages be withheld.

• Medicare: Medicare tax might be abbreviated MWT or Med. Like Social Security taxes, the federal government requires that 1.45 percent of your wages be withheld.

• Year-to-date (for pay and deductions): The year-to-date fields show how much you have earned up to that point as well as what has been deducted for each tax or benefit.

KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents.

KHEAA partners with Overture Technologies to provide the KHEAA Student Loan Marketplace at www.kheaamarketplace.com to help students and parents find the private college loan that best suits their needs.

KHEAA also provides the ThinkAhead Net Price Calculator to universities and colleges. The calculator, available on a school’s website, lets students and parents determine their out-of-pocket costs for attending that school.

KHEAA also helps colleges manage their student loan default rates and verify information submitted on the Free Application for Federal Student Aid (FAFSA).

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