How to Maximize Your Take Home Pay
If you're like most, you like having extra money. There's probably a pretty good chance that you also like to keep the government from taking more of your money than absolutely necessary. If you definitely need to take home more money now, here's how to increase your take home pay.
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Instructions
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Check your W-4 form. Change the number of exemptions that you've claimed to a higher number. This will cause your employer to withold less money from your check. This is OK! Remember, a tax refund is merely the government returning YOUR money back to you. Amazingly, they are able to do this without paying you any interest! It's better to have the money up front and place it into an interest bearing account. Do the calculation found on the W-4 form to determine the appropriate number of exemptions (or use the calculator found in the resources section of this article). This number can be changed at any point during the year.
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Participate in your employers' medical spending or flex benefit plans. They're also sometimes called cafeteria plans. These are beautiful plans that allow you to receive an instant tax refund on money that you spend on qualified medical, dental, and drug related expenses. Inquire with your boss or HR department to see what's available to you.
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Although I don't typically recommend this, reduce your 401k or retirement contributions. If you really need the cash, put retirement savings on hold. However, only do this temporarily! Make a commitment to resume contributions as soon as possible.
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Increase your take home pay by asking your employer for a raise. Use your best judgment here. If your company is laying people off, it's probably not the best time to ask for a raise.
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