top of page

Understanding your Paycheck PT 2

Writer's picture: Samer HilalSamer Hilal

Updated: May 10, 2024



Welcome to part two of my budgeting video series where we dive deeper into W-2 income, the most common source of income for many. In this session, we'll explore various tax deductions and withholdings from a typical paycheck and discuss which of these can be controlled by you.


We'll use the example of John Smith, a W-2 employee earning a gross monthly income of $10,000, to illustrate how FICA, federal, state, and local taxes, along with benefits like health insurance and retirement contributions, impact net income. You'll learn how to adjust withholdings to better manage your year-end tax liabilities and take full advantage of employer-matched retirement contributions.


Understanding these deductions is crucial for financial planning and maximizing your take-home pay. Stay tuned for further exploration of other income types in upcoming videos. If you have questions or need guidance, don't hesitate to reach out. Let's talk about making your money work harder for you. Thank you for joining me!

37 views0 comments

Recent Posts

See All

Comments


Stratos Wealth Partners Logo

FORM CRS

 

Financial Form CRS www.lpl.com/crs

Stratos Wealth Partners CRS

​

Check the background of your financial professional on FINRA's BrokerCheck.

​

Securities offered through LPL Financial, member FINRA/SIPC. 

​

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed.

​

Investment advice offered through Stratos Wealth Partners, Ltd., a registered investment advisor and a separate entity from LPL Financial. The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

​

Privacy Policy

​

Accessibility Statement

Samer Headshot

Samer Hilal

440-991-1134 (text, direct & fax)

866-553-9882 x1134 (Office)

shilal@stratoswp.com

Address

3750 Park East Drive, Suite 200
Beachwood, OH 44122

Follow

  • Facebook
  • LinkedIn
  • Instagram
bottom of page