You may notice that your paycheck deductions are different than the payout amount you receive from Lendtable. That could be for a few different reasons, in this article we'll go over the different factors that play a part:
Your 401(k) contributions are pre-tax dollars while Lendtable replaces post-tax dollars.
Because Lendtable replaces cash-in-hand lost by contributing to your 401(k), we deduct your estimated tax rate from your pre-tax contribution.
It is important we do not disburse the full, pre-tax amount you are contributing. When you withdraw pre-tax contributions from your 401(k), you'll always need to pay income tax on the amount you withdraw. When you withdraw to pay your Lendtable balance, we want to ensure that you only pay the post-tax amount we have helped you contribute, so you can keep the extra funds to pay income tax.*
Note: If you are making Roth contributions, income tax is withheld, so your Lendtable payouts should reflect your contributions more closely.
You are paid bi-weekly or monthly, not semi-monthly.
Lendtable payouts are sent semi-monthly on the 1st and 15th, but not all employers use the same pay dates.
In order to ensure we aren't giving some customers less than others, we take your verified annual income and determine a fixed payout amount to send on our semi-monthly pay dates. Over the course of a year, you will receive the post-tax amount that you are contributing based on your reported income on your application.
You may have worked more or less hours than usual or earned bonus pay.
If you are an hourly worker and you've worked more or less hours than you reported on your Lendtable application, your 401(k) contributions could be slightly different than what Lendtable sends you. This is also true if you received bonus pay that was not reported in your annual income when you completed your application.
If you have contributed more than what Lendtable replaced, please reach out to our support team's livechat on the bottom right of your screen so we can find a solution to the pay difference.
If you have contributed less, our system may pause your payouts until you provide a paystub that shows you've made the correct contribution percentage. If you know this is going to happen, contact our support team's livechat on the bottom right of your screen as soon as possible, so we can request the needed information to release your payout.
While using Lendtable you must keep your contribution percentage to max out your employer's match. This will ensure that you can continue to receive your Lendtable payouts. Lendtable will only disburse payouts to replace the funds that your employer will match.
* Lendtable does not provide financial, legal, tax, or investment advice. Always consider your situation and consult with your own advisor.