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When I was naïve teenager about money in early 1960’s. I worked for a grocery store chain that was using two sets of payroll books, they got their managers of each store, 23 in total. To tell their staff of 3 or 4 that they had forgot to sign the wage book or it had been misplaced and it need to be signed for tax man or union that where coming next day or so and this was on regular basis too! Once I even paid back money that I thought that I had been overpaid!
Yes, they did get caught not long after that. All the managers lost all their holiday pay, as he wouldn’t let anyone take holidays for years too!So after that job, I always kept my pay slips and check each one too! Then I bundle them up by the month into each financial year lots. For the last 30 years, I also kept a wage log notebook. Noting the date of each pay; gross pay, tax paid, after tax amount, plus any deductions with column for each one, then amount of my net pay. In the last column I would put notes for that pay period. These would be overtime hours, sick leave hours, RDO, LSL, holidays, worker compensation adding in their amount also! Any operation that I had and noting if it was at no pay. Doing this gave me a lot information over the years, that when I needed it, later in my life for filling in forms for the pension or my medical history etc. One extra bonus was when I did the lifetime income test in “Your Money or Your Life” by Joe Dominguez and Vicki Robin. I had all this information, as these notebooks are A6 size and they don’t take up much space! :
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Tightwad Kitty “It's really hard to come up with $1000 but it’s easy to find 1000 ways to save a dollar or two!” |
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DH's pay stub has all that information on it, when he worked at a contract company we kept the 'schedule' (he made and turned in) and compared to the pay stub, now we get paid weekly (well the over time and bonuses are weekly, and the lag for the bimonthly is shorter) so he remembers, but we still compare.
But we don't have it from years ago. just till it is paid (the overtime or bonus, or whatever) |
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I keep my pay stubs, as well as an annual chart of income from all the sources. (rent, part time deals, etc) Since I'm technically self employed, or independant contractor I have needed to present the pay stubs if I want to qualify for a loan.
I now have a simple payment situation, but in previous years, the checks were more often wrong than right. I had an elaborate system of checking off who I was getting paid for. The state always seemed surprised when I'd call to get payment for a child that had been in my home & they had "overlooked" paying me for. |
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It’s not just keeping and checking each pay period that counts but seeing if the totals balance at the end of the financial year too! I was lucky that I had one employer at a time. Once they left off, our medical refund payment (which was actually a bonus) on our tax statement for the tax office.
I had sent in my tax return when the error was found out which then had to be amended. When I had to apply for a disability pension a few years ago now, all those notes that I kept in my pay log notebooks came in very handy, as some of questions were on my worker compensation claims along the dates. Also when I needed to fill the medical history on the claim forms too!
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Tightwad Kitty “It's really hard to come up with $1000 but it’s easy to find 1000 ways to save a dollar or two!” |
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