See Jane Get Rich » first paycheck http://seejanegetrich.com A Personal Finance Blog Mon, 30 Aug 2010 17:26:00 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 My First Paycheck from my Holiday Job http://seejanegetrich.com/2009/12/my-first-paycheck-from-my-holiday-job/ http://seejanegetrich.com/2009/12/my-first-paycheck-from-my-holiday-job/#comments Tue, 29 Dec 2009 02:55:34 +0000 seejanegetrich http://seejanegetrich.com/?p=363 paycheck1 Today I got my first paycheck from my holiday job. I was starting to wonder when that first paycheck would show up and I kept checking my bank account to see if the direct deposit had come through. I finally went and asked my manager and it turns out the direct deposit paycheck hadn’t gone through.

I was so excited to see my paycheck that I immediately opened it up to see how much I had made working. It was a whopping $161.29. What! No way! I know I am working for peanuts but that’s even smaller than peanuts. So, I started scanning my paycheck to see why the heck my paycheck is the size of a mustard seed and that’s when I noticed my big fat 401(k) contribution. So, here’s how my first paycheck breaks down.

Total Earned Paycheck: $515.12

Now, subtract the following:

401(K) Contribution:-$257.56

Hours: 15.90 Retail at $8 per hour = $127.20 39.30

Jewelry at $7.25 per hour & commission = $387.92 ($284.93 hourly total + commission 102.99)

Taxes: $76.27

Total After Taxes and 401(k) Contribution = $161.29

 So, What’s Up With the 401(K)?

 I had the option to opt in to Big Department store’s 401(k) plan and I elected to contribute 50% of my paycheck. There’s no special reason to do this and keeping up with it, closing it and transferring will probably take more effort for such paltry sum. But, I opened it because this was the first job where I had the option to contribute towards a 401(k) and I was of age to do so. This was my first chance to open one and I just couldn’t let the opportunity pass.

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