2009 WVEIS Data Conference Canaan Valley State Park How to Read Your Paycheck Kim Harvey WVEIS Consultant.
Presentation on theme: "2007 WVEIS Data Conference Canaan Valley State Park Kim Harvey WVEIS Consultant."— Presentation transcript:
2007 WVEIS Data Conference Canaan Valley State Park Kim Harvey WVEIS Consultant
Employee Pay Stub Your check has 2 basic parts: –The Check Itself –The Check Stub which contains the following: The Gross Pay The Deductions and Employer Amounts Absence/Leave Balances
The Check If you have your check direct deposited, then you will receive a voucher that looks like a check but will say VOID VOID VOID. Otherwise, you will receive a check to be deposited or cashed.
Check Stub: Gross Pay Your check stub will first list what you are being paid for. If you have extra duty contracts or receive additional pay for any other reason, you may see each additional pay amount listed on the check along with the amount you receive for your regular pay.
Check Stub: Gross Pay (cont.) Your check stub will show fiscal and calendar year-to-date totals, along with the current pay amount on the right side of the check. For any job that you are currently not being paid for, year-to-date amounts may print with no current pay.
Check Stub: Deductions and Employer Amounts Next will list each of the deductions taken out of your check which include taxes, retirement, insurance, dues or any other voluntary deductions. Typically, the deductions only print a calendar year-to-date total, then the current amount withheld and any employer portion to the far right.
Check Stub: Deductions and Employer Amounts (cont.) Any deduction taken this year may continue to show up on your check stub, but only those currently withheld will have a current amount, indicating that an amount was actually withheld. Section 125 deductions are those deductions that qualify to be exempt from social security taxes such as health and life insurance.
3 Types of Deductions Automatic deductions are deductions that have to come out every pay as required by the government, such as taxes (federal, state and social security). Required deductions also have to come out but are governed by your local board such as insurance and retirement. Voluntary deductions are those you choose to have your employer withhold and pay for you such as annuities, dues, credit union etc.
Absence/Leave Balances Absence balances may not print on everyones check every time. Typically, the absence codes that list are ones that have either been used for that pay period or ones you have a balance for. The absence activity is for the current pay period, not the entire year. So the beginning balance and days used are for the current pay period, not the beginning balance and days used for the entire year. Your ending balance is the number of days you have remaining as of the end of this pay period.
Why Direct Deposit? Your check is automatically deposited to your account, saving you a trip to the bank, but you still receive a check stub. You typically receive your money sooner than depositing it yourself. You dont have to worry about your check getting lost or stolen. It saves the county money by not having to purchase regular checks.
Prorated Checks Prorated checks are when you receive a check for 12 months when you only work for 10 months. You only receive 1/12th of your pay each month instead of the 1/10th you earn each month. You basically allow the board to keep part of your money each month to continue paying you throughout the summer. It would be better to only receive 20 checks and put a part in savings each month and accrue interest to cover you in the summer.
New 409A Requirements If you work less than 261 days per contract term, and you are paid 24 checks, then you may be asked by your employer to fill out a 409A election form. This is a new IRS requirement. By filling out the form, you agree to having your pay deferred over 12 months instead of 10 and will not be allowed to change that during the year except for extreme circumstances.