Understanding Semi-monthly, Number of pays, What s the difference
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- 1.Understanding Semi-monthly
- 2.Number of pays What’s the difference between a monthly payroll cycle and a semi-monthly?
- 3.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?
- 4.1st Pay check pays you for services perform from the 1st through 15th of the month 2nd pay check pays you for services performed from the 16th through the last working day of the month What days are covered for each pay period?
- 5.What are the new semi-monthly pay dates?
- 6.Faculty Pay
- 7.9 Month Faculty paywill be disbursed fromAugust 31st – May 15th 2013-2014 Faculty
- 8.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 15th – August 31st
- 9.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.
- 10.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?
- 11.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 2nd pay check of each month How will this affect my benefit deductions?
- 12.Yes The amount deducted will be based upon the rates defined in the semi-monthly IRS tax table. Will my taxes be affected?
- 13.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?
- 14.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?
- 15.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?
- 16.No All University employees will be paid semi-monthly Can I opt out of the semi-monthly payroll cycle?
- 17.Thank you
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