Benefits and Deductions
Managing your benefits and deductions is essential to your employment, ensuring you get the most out of your compensation package. Here’s a detailed guide on viewing, managing, and understanding your benefits and deductions through DecisionHR.
Why Managing Benefits and Deductions is Important
Understanding and managing your benefits and deductions helps you maximize your compensation, plan for the future, and ensure your financial well-being. It also ensures you know all the perks and financial obligations associated with your employment.
Accessing Benefits and Deductions
After logging in to DecisionHR, click on the Deductions section on the sidebar of your dashboard to view the details of your benefits and deductions.
Understanding Your Benefits
Your benefits might include health insurance, retirement plans, paid time off, and other perks your employer provides. Here’s how to manage them:
View Benefits
In the Benefits section, you can see a summary of all your current benefits. Click on each benefit to view detailed information such as coverage, enrollment dates, and contribution amounts.
Ensure you understand the terms of each benefit, including coverage limits, contribution rates, and eligibility criteria. Contact HR if you have questions or need clarification about specific benefits.
Managing Your Deductions
Deductions are amounts taken from your paycheck to cover various expenses, including taxes, insurance premiums, and retirement contributions. Here’s how to manage them:
View Deductions
The Deductions section breaks down all current deductions from your paycheck. Each deduction shows details like the amount, frequency, and purpose (e.g., federal tax, health insurance premium).
Understand Mandatory vs. Voluntary Deductions
- Mandatory Deductions include federal and state taxes, Social Security, and Medicare. These are required by law and automatically deducted.
- Voluntary Deductions include retirement plan contributions, health insurance premiums, and charitable donations. You have control over these deductions and can adjust them as needed.
Updating Voluntary Deductions
If you need to change your retirement plan contributions or adjust your health insurance premiums, you can do so during open enrollment or by contacting HR.