New at a job and wondering when or how soon you will be able to receive your first paycheck? Don’t worry; you have come to the right place. In this article, you will find answers to all your questions.
When Do You Get Your First Paycheck At A New Job?
The first paycheck is a fantastic achievement for every worker as it gives them a sense of accomplishment and acknowledges the hard work they have been doing for many years; it is a special milestone in life, so no wonder people are anxious about when they will receive it. But the bad news is that starting a new job might delay receiving your first paycheck even after you have worked for it. It can happen because you joined the company in the middle of the pay cycle, and you might have to wait for the current pay cycle to end to receive your paycheck.
Form of payments
While you are waiting for the paycheck in job, it would be wise to decide the form of payment you will be receiving your paycheck in; depending on the company you are working for, they may offer various forms of payment methods, and you can choose the one that is most suited for your needs.
For instance, many companies hand out cheques to their employees at the end of the pay cycle. Still, there are a few cons to this method as you will have to go to the bank and deposit the check physically to receive the amount in your bank account, this might be difficult as it needs you to make extra time for it, and you have to deposit the check on a working day.
The other form of payment that companies offer is usually bank deposits, the most common method companies use. This will be easier as your payment will be directly transferred to your bank account; the advantage of this method is usually that your first paycheck will be delayed a bit because it usually takes some time for the company to cross-check your account with the bank and to complete other various procedures.
However, it has many advantages. After you receive your first paycheck, the paychecks for the following months will be quicker to obtain via direct deposits rather than by cheque. In addition, direct deposit is the fastest and most secure way of receiving your salary.
Also, you should remember that it might be possible that you will receive a cheque for your first paycheck from some companies because your employer still needs to set you up for this payment method by the end of the current pay cycle. When you start working for the company, they will ask you for your preferred method of receiving a salary, and you can choose the one that suits you and is most efficient for you.
When will you receive your first paycheck?
The date you receive your first paycheck ultimately depends on your company’s policies and payroll schedule. Typically, companies hand out paychecks to their employees at the end of each month, but many hands out paychecks weekly or bimonthly, which means on 15th of every month or the closest business day to these dates.
If you start working and the start of the new month, you can expect to be paid your first paycheck after a whole month because companies usually pay their employees at the end of the pay cycle. However, suppose you start in the middle of the current pay cycle. In that case, you will only get paid at the end of the next pay cycle, which means you will have to work longer than the current pay cycle to receive your first paycheck, but worry not, as you will be paid extra for your work on the previous work cycle.
When and how often you get paid may also depend on the state rules where you are working, some states require companies to pay their employees bimonthly while other states give the company freedom to decide how often they choose to pay their employees, if your company is not abiding by the state laws, you can talk to the management and human resource department about this, but the majority of the companies strictly abide by the state laws.
How much money to expect in your first paycheck?
When starting a new job for the first time, you must avoid getting overexcited and remember that you must pay taxes with each pay cycle. It is easy to get lost looking at the gross income, but it is different from the amount that is your take-home pay, meaning you must pay various taxes and bills when you get your paycheck.
When you start a job, you will fill out and turn in a tax form to your employer, establishing the amount of income taxes you will pay. Additionally, your paycheck might have some deductions if you receive extra employer benefits, such as retirement and medical benefits. It is essential you know the exact amount of your take-home pay as well so you can manage your expenses according to your income; first find your gross income; for example, if your get paid $1000 each week, your gross income of the month will be $4000.
Next, you need to subtract the tax deductions from your gross income, usually 7.65%, and remember to subtract the health benefits your employer offers, which typically cost $150-$200 monthly. In addition, you must remember to subtract retirement benefits, which are usually only 3% of your paycheck. The final amount you get after deducting all the abovementioned taxes and benefits will be your gross income which you can then use to calculate your budget and manage your expenses.
If you are worried about not receiving the first paycheck at your new job, you should relax, as it is a matter of time until you get it. Everything is discussed in the guide, from the form of payments to how much money to expect in your first paycheck. By reading this guide, you will know every detail regarding your first paycheck so make sure to read the whole guide.
- When will my company pay me?
The payment date is usually given in the contract; if you read the contract carefully, you will get to know everything about the paycheck, taxes, payment timing, etc.
- Will I get paid monthly or weekly?
How often you get paid depends on the company policy of where you work; some companies pay their employees weekly, but most pay their employees monthly, and some even pay their employees bi-monthly, which means twice a month.
- What should I do in case my first paycheck gets delayed?
If your first paycheck gets delayed, don’t worry, it usually happens to new employees, and it takes some time for all of the procedures to finish. However, if it is taking too long, you can contact the human resource department to find out if there are any issues with your paycheck.