Method and system for facilitating management of paycheck disbursements

• US 8,725,603 B1
• Filed: 10/02/2008
• Issued: 05/13/2014
• Est. Priority Date: 10/02/2008
• Status: Active Grant

• Current Assignee: Intuit, Inc.
• Original Assignee: Intuit, Inc.
• Inventors: Harman, Susan A., Tifford, Alan
• Primary Examiner(s): An, Ig T
• Application Number:
  US12/244,471
• Time in Patent Office: 2,049 Days
• Field of Search: 705/30, 705/31
• US Class Current: 705/31
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

A method and system are provided for helping a user configure her paycheck deductions and disbursements. Paycheck information is retrieved (e.g., from an aggregator, from benefits providers, from the user) and a tool is activated to present an electronic paycheck summary to the user. A tax engine is invoked to determine whether her net pay can be increased by reducing the amount of pay withheld for taxes. The user is then invited to change any or all of the benefit deductions taken from her pay. For example, she may be invited to select from a number of insurance plans (e.g., medical, dental, life insurance), select a level of contribution to a retirement account, open an investment account, and so on. Action to implement some or all of the user'"'"'s selected deductions may then be initiated electronically. Alternatively, she may be presented with a checklist of actions she needs to take.

Claims

1. A method of facilitating optimization of a payee'"'"'s paycheck deductions, the method comprising:

receiving a current net pay of the payee, wherein the current net pay is based on the payee'"'"'s paycheck;

receiving a change in tax withholding;

presenting a payee with options for configuring a deduction, wherein the deduction is one of multiple deductions associated with the paycheck;

receiving a selection of an option from the payee;

receiving an indication of other household income from the payee, wherein other household income comprises house income other than from a payer of the paycheck;

determining, by computer, a potential net pay of the payee, based on the change in the tax withholding, the received selection from the payee, and the received indication of other household income;

simultaneously displaying the current net pay and the potential net pay; and

receiving a selection from the payee to implement the option.

2. The method of claim 1, wherein receiving the current net pay of the payee comprises:

retrieving paycheck data related to the payee from one or more data sources, including a third party configured to aggregate paycheck data for employees of the employee'"'"'s employer.

3. The method of claim 1, further comprising:

retrieving paycheck data related to the payee from providers of benefits associated with the multiple deductions.

4. The method of claim 1, wherein:

the multiple deductions include deductions for one or more categories of health benefits; and

configuration options for a deduction comprise insurance plans for the health benefit categories.

5. The method of claim 1, wherein the multiple deductions include deductions for one or more of:

health benefits;

retirement;

investments other than for retirement;

housing; and

contributions.

6. The method of claim 1, wherein said displaying the current net pay comprises displaying a summary of the paycheck, said summary comprising the net pay.

7. The method of claim 1, wherein said determining comprises invoking a tax engine that comprises code from a program configured to calculate the payee'"'"'s income tax.

9. The method of claim 1, further comprising:

determining an impact that changing a deduction or tax withholding will have on the paycheck; and

providing a recommendation based on the determined impact.

8. A non-transitory computer-readable medium storing instructions that, when executed by a computer, cause the computer to perform a method of facilitating optimization of a payee'"'"'s paycheck deductions, the method comprising:

receiving a current net pay of the payee, wherein the current net pay is based on the payee'"'"'s paycheck;

receiving a change in tax withholding;

presenting a payee with options for configuring a deduction, wherein the deduction is one of multiple deductions associated with the paycheck;

receiving a selection of an option from the payee;

receiving an indication of other household income from the payee, wherein other household income comprises house income other than from a payer of the paycheck;

determining, by computer, a potential net pay of the payee, based on the change in the tax withholding, the received selection from the payee, and the received indication of other household income;

simultaneously displaying the current net pay and the potential net pay; and

receiving a selection from the payee to implement the option.