Presentation on theme: "Understanding Semi-monthly. Number of pays What’s the difference between a monthly payroll cycle and a semi-monthly?"— Presentation transcript:
Number of pays What’s the difference between a monthly payroll cycle and a semi-monthly?
You will receive two paychecks per month instead of one paycheck. First, semi-monthly pay date is July 15th How will my paycheck be impacted by this transition?
1 st Pay check pays you for services perform from the 1 st through 15 th of the month 2 nd pay check pays you for services performed from the 16 th through the last working day of the month What days are covered for each pay period?
What are the new semi-monthly pay dates? 2013 Calendar Year Month1 st Pay Date2 nd Pay Date July15 th 31 st August15 th 30 th September15 th 30 th October15 th 31 st November15 th 27 th December15 th 20th
9 Month Faculty pay will be disbursed from August 31 st – May 15th Faculty
Is Salary Deferred still an option for Faculty? YES, as a faculty member, you can still chose to have your salary payments disbursed over 12 months. Disbursement will be September 15 th – August 31st
Calculation Example For example, say your annual salary is $50,000 A 9 month employee salary is calculated as follows: $50,000/18 pay periods = $2,777.78, is your gross semi-monthly pay. A 12 month employee salary is calculated as follows: $50,000/24 pay periods = $2,083.33, is your gross semi-monthly pay.
Yes, if you currently have a split direct deposit allocation for a specific amount Will I need to make any changes to my direct deposit?
Benefits will continue uninterrupted ALL SELECTED DEDUCTIONS will be split in half and taken out of each semi- monthly paycheck except Supercard Supercard charges will be deducted from the 2 nd pay check of each month How will this affect my benefit deductions?
Yes The amount deducted will be based upon the rates defined in the semi- monthly IRS tax table. Will my taxes be affected?
No Changes will only be made if you submit a new W-4 form the Human Resources NOTE: Please consult your tax preparer for more information Will I have to make any changes to my taxes or withholding?
Yes The amount accrued over the course of the year will not vary from the statutory amounts The accrued leave will be updated at the end of each month Will I still accrue Vacation & Sick Leave?
Examine your personal budget to determine the impact of the pay frequency changes Review any automatic bank drafts or loan payments Is there anything I can do to plan for this change?
No All University employees will be paid semi-monthly Can I opt out of the semi-monthly payroll cycle?