Skip to Content
 COVID-19 Information from ACCC

What Consumers Need to Know About Their Paycheck


 National nonprofit American Consumer Credit Counseling shares important information about how paychecks work on Money Matters National Education Day.Money Matters National Education Day 

(Boston, MA) – September 8, 2016 – In response to Money Matters National Education Day, national nonprofit American Consumer Credit Counseling explains what consumers need to know about their paycheck.

On Money Matters National Education Day, payroll professionals from across the country volunteer to teach students in their local communities about paychecks – including information on the payroll withholding system and electronic payments, such as direct deposit. This day is especially important as financial worries continue to create stress for employees of all ages.

“When it comes to managing their income and finances, many working professionals across the country continue to struggle,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “The purpose of Money Matters National Education Day is to teach students about all aspects of their paycheck – how it works, what’s included and what’s deducted -- to help alleviate stress as they become working professionals.”

According to the 2016 Consumer Financial Literacy Survey, 75 percent of respondents agree that they would benefit from financial advice from a professional. Fifty-six percent of U.S. adults gave themselves a grade of an A or B for their knowledge of personal finance.

American Consumer Credit Counseling offers consumers information on how to understand their paycheck:

  1. Total Gross – The total gross shows the amount of money a consumer has made for that pay period based on either their annual salary or hours worked.

  2. Total Net – The total net shows the amount of money the consumer actually receives after deductions and taxes have been taken out.

  3. Hours – If the consumer is an hourly worker, this number will represent the total number of hours worked during that pay period.

  4. Deductions – Total deductions shows the amount that was taken out for tax withholdings, such as social security tax, state tax and Medicare, and benefits, such as life insurance, 401K, medical and dental.

  5. Other types of pay – Sometimes there are other types of pay listed near the regular pay box. This type of pay may include holiday, overtime, personal and sick pay. Be sure to review these to make sure the extras are calculated correctly.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft,  senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit



American Consumer Credit Counseling (ACCC) is a nonprofit organization providing free credit counseling and financial advice and information on a variety of strategies for managing debt, including ways to consolidate loans and credit cards. Our counselors can also direct clients to resources for student loan assistance and help to explore the many options to repay student loan debt, including student loan debt consolidation, student debt forgiveness programs, deferment and forbearance options, and student loan programs that can lower a monthly student loan payment. After reviewing a client’s financial situation and goals, ACCC counselors can offer advice on the most effective ways to consolidate student loans, managed defaulted student loans and qualify for a student loan forgiveness program. We also offer low-cost debt management programs and free educational materials, including a debt consolidation calculator.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member