Semimonthly Number of pays Whats the difference between a monthly payroll cycle and a semimonthly You will receive two paychecks per month instead of one paycheck First semimonthly pay date is July 15th ID: 140589
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Slide1
Understanding Semi-monthlySlide2
Number of pays
What’s the difference between a
monthly payroll cycle and
a semi-monthly?Slide3
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?Slide4
1st
Pay check pays you for services perform from the 1
st
through 15
th
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?Slide5
What are the new semi-monthly
pay dates?
2013
Calendar
Year
Month
1
st
Pay Date
2
nd
Pay Date
July
15
th
31
st
August
15
th
30
th
September
15
th
30
th
October
15
th
31
st
November
15
th
27
th
December
15
th
20thSlide6
Faculty PaySlide7
9 Month Faculty paywill be disbursed from
August 31
st
– May 15th
2013-2014 FacultySlide8
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 31stSlide9
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.Slide10
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?Slide11
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?Slide12
YesThe amount deducted will be based upon the rates defined in the semi-monthly IRS tax table.
Will my taxes be affected?Slide13
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?Slide14
YesThe 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?Slide15
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?Slide16
No
All University employees will be paid semi-monthly
Can I opt out of the semi-monthly payroll cycle?Slide17
Thank you