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What should you buy on your first paycheck?
I had the chance to speak with several hard-working adults about their first paychecks, and here’s how they decided to spend their money.
- Girl’s Gotta Eat. Giphy.
- Shopping Spree! Giphy.
- Pay The Bills. Giphy.
- Technology Upgrades. Giphy.
- Tickets To Paradise. Giphy.
When did you get your first paycheck?
Depending on your start date, you may expect your first paycheck at the end of the first full pay period that you work. For example, if you start working on the first day at the start of a new pay period, you can expect your first paycheck at the end of the pay period that your employer schedules.
How do I use my first paycheck?
The first thing you should plan to do with your first paycheck is to start paying off your debt. From credit cards to student loans, you want to get out of debt as soon as possible. If your debt is extremely high, create a weekly plan to save up a certain amount to pay off your debt.
Why do employers hold the first paycheck?
Sometimes employees perceive that a first paycheck is being held when, in actuality, it’s simply delayed. For example, many companies pay in arrears. Paying in arrears refers to the practice of paying employees for work they performed during a previous pay period, as opposed to the current one.
How does 2 week pay work?
Biweekly is the most common option for a business’s pay period in the U.S. Biweekly pay means you pay your employees on a set day once every two weeks, resulting in 26 paychecks per year. Because payday occurs once every two weeks, some months will have three paychecks.
Why did I only get half my first paycheck?
While it’s possible that you began working for a company on the first day of a pay period, this scenario is also uncommon. This means that your paycheck is likely less than what you can expect for future paychecks, since you may not have been working for the employer during the first few days of the pay period.
Is your first check taxed more?
Federal Income Tax Yes, the federal government always gets a piece of the pie. Every allowance taken results in less money being withheld for federal taxes (more money on your check). Take fewer allowances and a larger amount will be taken for your federal taxes.