Understanding Semi-Monthly Payroll Cycles
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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?
Faculty Pay
9 Month Faculty pay
will be disbursed from
August 31
st
– May 15th
2013-2014 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
Exploring the difference between monthly and semi-monthly pay cycles, this comprehensive guide covers the number of pays, impact on paychecks, pay period coverage, new semi-monthly pay dates, faculty pay systems, salary deferral options, calculation examples for different employee types, and potential changes to direct deposit allocations. Transitioning to a semi-monthly payroll cycle is explained with clarity and practical examples.
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Presentation Transcript
Understanding Semi-monthly
Whats the difference between a monthly payroll cycle and a semi-monthly? Number of pays
How will my paycheck be impacted by this transition? You will receive two paychecks per month instead of one paycheck. First, semi-monthly pay date is July 15th
What days are covered for each pay period? 1stPay check pays you for services perform from the 1stthrough 15thof the month 2ndpay check pays you for services performed from the 16ththrough the last working day of the month
What are the new semi-monthly pay dates? 2013 Calendar Year 1stPay Date 2ndPay Date Month 15th 31st July 15th 30th August 15th 30th September 15th 31st October 15th 27th November 15th December 20th
2013-2014 Faculty 9 Month Faculty pay will be disbursed from August 31st May 15th
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
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.
Will I need to make any changes to my direct deposit? Yes, if you currently have a split direct deposit allocation for a specific amount
How will this affect my benefit deductions? 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 2ndpay check of each month
Will my taxes be affected? Yes The amount deducted will be based upon the rates defined in the semi- monthly IRS tax table.
Will I have to make any changes to my taxes or withholding? 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 still accrue Vacation & Sick Leave? 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
Is there anything I can do to plan for this change? Examine your personal budget to determine the impact of the pay frequency changes Review any automatic bank drafts or loan payments
Can I opt out of the semi-monthly payroll cycle? No All University employees will be paid semi-monthly
