How can the "Quick Max" calculation be used?
One common question about TRAK's Paycheck calculator is how to use the Quick Max tool.
Quick Max allows a client to see how much they are allowed to contribute per paycheck on an annualized basis. Rather than focusing with the client on decreasing their current take home pay the focus can be on how much the client needs to increase the take home pay from the Quick Max column. For example, the question could be posed to the client, "If you contributed the maximum amount per year, your take home pay would be $X. How much more income per paycheck do you need than that?"
The difference may be subtle but significant: rather than taking money away from their current take home pay, the approach is to increase their take home pay from the Quick Max column. This allows the client to think about options they might otherwise not have considered.
