Business

Berkeley Co. unemployment up, National Payroll Week encourages workers to maximize their paychecks

by Nikki Gaskins Campbell

jobsBERKELEY COUNTY, S.C.—In July, the South Carolina Department of Employment and Workforce reported that Berkeley County’s unemployment rate stood at 5.8 percent—that’s slightly higher than June’s numbers and a little higher than the state’s overall average.

Statewide, the number of unemployed persons grew by 9,124 to 124,670. Despite the increase, state leaders remain optimistic.

“South Carolina has many reasons to remain positive about the economic future for our state despite this month’s slight uptick in the unemployment rate,” said DEW Executive Director Cheryl M. Stanton. “More than two million people are working in South Carolina, just below historic highs reached earlier this year.

Over the last year, more than 28,000 people have found work, and the state’s unemployment rate has declined by approximately 2 percentage points, Stanton added.

Just in Berkeley County alone, a little more than 88,000 people are presently working. If you’re like most people, the harder you work, the less money you seem to have. However, there is a way to make your money stretch further.

National Payroll Week, September 1-5, provides a unique opportunity for workers to maximize their paychecks. This week-long celebration encourages workers to take a look at their paychecks and plan for future expenses.

Many Americans still work paycheck to paycheck. According to the 2013 “Getting Paid in America” survey, more than two-thirds of Americans would have a difficult, or somewhat difficult, time paying their bills if their paycheck were delayed for just one week.

“We believe it’s important that America’s workers know that they have options available to increase their take home pay,” said Dan Maddux, executive director of the American Payroll Association. “For workers in all walks of life, having the knowledge about how they’re paid and how to make adjustments can have an immediate impact, reducing their tax burden and providing them a boost on their next paycheck and beyond.”

To increase your take-home pay, follow these five tips from the American Payroll Association.

  • Adjust Your Form W-4. A large tax return each spring may actually be costing you money. By reducing your withholding you will essentially be giving yourself an instant pay raise.
  • Take Advantage of Flexible Spending Accounts. Two popular types of FSAs include dependent care accounts and medical care accounts. These tax-advantaged, free programs can help you save up to 35 percent on everyday expenses. Real world examples include daycare for kids and over-the-counter medicines like aspirin and band-aids.
  • Participate in an Employee Retirement Savings Program. Examples include 401(k), 457, IRA and more. Any money contributed this way is deducted from your paycheck before taxes are taken out. This reduces your taxable income and saves money that would otherwise go toward income taxes.
  • Split Earnings with Direct Deposit. Did you know your payroll department will help you budget? Ask your company to split your earnings into multiple accounts. This will enable you to easily budget for current expenses as well as long term savings.
  • Contribute toward employer match programs. If your employer makes matching contributions to your retirement plan, contribute as much as possible. Otherwise you’re essentially leaving free money on the table.

For more information about National Payroll Week and other tools to maximize your paycheck, visit www.nationalpayrollweek.com.

The American Payroll Association is the nation’s leader in payroll education, publications, and training. Visit APA online at www.americanpayroll.org.
Nikki Gaskins Campbell
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