Understanding Semi-monthly.  Number of pays What’s the difference between a monthly payroll cycle and a semi-monthly?

Slides:

Advertisements

Similar presentations

A Day in the Life of a Payroll Manager NCSC Product Certification Payroll Anytime, Anywhere!

Advertisements

Updated: 12/31/2013 Understanding and Setting up Workers Compensation.

ENTREPRENEURSHIP (Ms. Hawkins)

EMS FISCAL YEAR END FY EMS FISCAL YEAR CHECKLIST All steps are done in the new fiscal year. 1. Review Payroll Options and Defaults 2. Review Direct.

2007 WVEIS Data Conference Canaan Valley State Park Kim Harvey WVEIS Consultant.

2009 WVEIS Data Conference Canaan Valley State Park How to Read Your Paycheck Kim Harvey WVEIS Consultant.

BIWEEKLY PAY CONVERSION INFORMATION SESSION. AGENDA BIWEEKLY CONVERSION BASICS  Who, What, When, Why? HOW TO PREPARE  Analyze your cash flow  Tools.

Retirement 101.

Financing a Brandeis Education What does it cost? When is it due? How can we pay?

Payroll Changes – Exempt Staff Individual School Meetings October - November, 2011.

Originally known as BEACON. 2  Was formerly known as BEACON.  Personnel ID Number (PERNR)  Used to track time, benefits, and process payroll.  Position.

Introduction to pay Now in more depth, what information is going to be needed to do the benefit/leaver calculations 1.

Local Government Pension Scheme LGPS from April 2014 What is the impact on payroll systems? 1.

Change in Procedures Now going to give further clarification on how this impacts on the information you send to the pension section.

12 Financial Management 12-1 Financial Planning

Kuali Budget Construction Training Catherine Maddaford KBC Administrator.

Contract 9ME/20 Return from Summer Leave Fall 2012 JobAidLeave ReturnFromSummerLeave9ME/20.

Weekly Attendance by Class w/e 6 th September 2013.

Fiscal Year New Employee Orientation

Unpaid Vacation, Sick & Leave Codes and Additional Pay Modifications KIM HUNDZA.

Payroll Calendar Meeting Thursday, January 7 th, 2010.

Salary Floor Division of Retirement and Benefits.

CHAPTER 9 Withholding, Estimated Payments & Payroll Taxes Income Tax Fundamentals 2011 Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2011 Cengage.

Income Tax Fundamentals 2009 Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2009 Cengage Learning.

©2007 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license. CHAPTER.

Employer Taxes, Payments, and Reports

Income Tax Fundamentals 2010 Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2010 Cengage Learning.

Payroll Accounting, Taxes, and Reports

Payroll Definition Payroll is defined as a method of administrating employees’ salaries in the organizations. The process consists of calculation of salaries.

CHAPTER 6 ANALYZING & JOURNALIZING PAYROLL TRANSACTIONS PAYROLL TRANSACTIONS Payroll Accounting 2012 Bernard J. Bieg and Judith A. Toland Developed by.

Classified Compensation Plan FY Summary Occupational Group changes Across the Board increases (ATB) Merit Increases Total Compensation Q & A.

Pay and Taxes INVESTIGATE WHAT IMPACTS YOUR PAYCHECK AND PERSONAL TAXES ©2014 National Endowment for Financial Education | Lesson 3-3: Pay and Taxes.

X © 2010 The McGraw-Hill Companies, Inc. All rights reserved.

Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 9 Employee Earnings, Deductions, and Payroll.

Biweekly Pay Transition

Preparing Payroll Records

Preparing Payroll Records Preparing Payroll Time Cards Salary – money paid for employee services Pay period – period covered by a salary payment.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

What different types of taxes are deducted from employee’s paychecks? LESSON DO NOW.

Mid-Year Early Retirement Incentive Meeting UACT and CVUSD Friday, November 6, 2009.

“Explore, Discover, Excel” Payroll / Insurance Orientation.

1 Overview Bencor Special Pay Plan (DROP Participants) For Employees of the School District of Lee County.

LESSON 12-1 Preparing Payroll Time Cards

4.01 FORMS OF COMPENSATION / PAY. MONETARY COMPENSATION Wage - The amount of money paid for a specified quantity of labor. Salary - A set amount of money.

Understanding Paychecks Where Does Your Money Go?.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 3-1 CHAPTER 3: CALCULATING AND RECORDING DEPARTMENTAL PAYROLL DATA Define accounting terms related.

Basic Goals of Payroll System  Prepare and issue payroll checks  Produce records for accounting purposes and reporting to government and management.

Compensation Options for Regular Faculty and 9 Month Staff Faculty Compensation & Classification Contact: Melinda Lilly at or

Payroll Unit Terms Write down as many payroll terms or payroll taxes that you can think of in 2 minutes. Ready, Set, Go!

© 2014 Cengage Learning. All Rights Reserved. Test Review Strategy. Understanding or Memorization: Promoting Long-Term Retention Why do we remember some.

ANALYZING A PAYROLL TIME CARD Lesson 13-1, page 312 Omni uses a time clock – provides “internal control”

Teresa Feagans Sr. Accountant Payroll & Employee Services.

1 Faculty Deferred Pay. 2 Agenda New Hires Salary Changes Position Changes Additional Assignments Terminations Calculations Posting Questions.

Chapter 13 Preparing Payroll Records Part II. Payroll Register A business form used to record payroll information.

UCO Payroll and Human Resources Monthly to Bi-weekly Conversion.

Summer Deferred Payment Program (SDPP) An optional program for those employed between nine and eleven months at West Virginia University Interested employees.

Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.

Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.

Lesson 1: Reading a Pay Stub. Objectives: Identify sections of a pay stub Determine how to calculate net pay Recognize various paycheck deductions.

My Paycheck Chapter 3. Types of Income Earned Income – Money received from working. Six types: wages, tips, salaries, bonuses, commissions, royalties,

Duquesne University’s Payroll Transition: Salary Entitlement to Payment in Arrears.

LESSON 12-1 Preparing Payroll Time Cards

Taxability of Relocation Expenses

Comparison Options Plan Provisions Current 9 mth Faculty

Upcoming Payroll Schedule Change

Preparing Payroll Records

Pay And Progress* Non-exempt positions Timesheets Pay Dates

Presentation transcript:

Understanding Semi-monthly

 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

Faculty Pay

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?

Thank you