Thursday, September 18, 2008

Why Did My Paycheck Go Up?

Last Friday was payday. Hooray! But I also noticed that my paycheck was $18.47 higher than usual. Double Hooray!! But why? I'm always suspicious of unexplained (and undeserved) pay increases...
I compared my current paycheck to my last paycheck and discovered that my withholding for the California State Disability Insurance (SDI) tax went down $18.47.

According to ADP's State Tax Fast Facts website, the maximum employee withholding for this item is $693.58. As of this pay period, I've maxed out my withholding and I'll be getting $31.09 extra per pay period.

Unfortunately, this increase will all go towards repairing my windshield. As an update to my prior post, I got my windshield repaired yesterday and it cost me a little over $267. I checked my auto insurance and my deductible for comprehensive damage is $250. Sigh... I've decided it's not worth making a claim for $17.


MoneyBeagle said...

Two things:

1) In my policy, there's a separate deductible for windshield replacements. If there isn't, then you're probably right in not filing the claim, but a quick call to your agent is probably worth this check. My policy has a $50 deductible for windshields, and many places will end up waiving it.

2) While you're on the phone, you might want to look at what your costs would if you raised your deductible. You're probably paying a premium with a $250 deductible. Raising it to $500 or $1000 can often take a big chunk off of your policy cost. You'd want to boost your emergency fund with the difference in case you ever needed to pay the deductible, but (assuming you're not accident free) you could end up saving a lot more money in the long run.

Shtinkykat said...

Thanks! With respect to #1, my agent said that if the window can be repaired, they'll waive the deductible but if it has to be replaced, then I'll be repsonsible for the deductible. I'll definitely talk to my agent re #2. Thanks for the input!

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