Understanding Semi-Monthly Payroll Cycles

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.

• Payroll Cycles
• Semi-Monthly
• Paychecks
• Pay Periods
• Faculty Pay

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Uploaded on Dec 05, 2024 | 0 Views

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1. Understanding Semi-monthly

2. Whats the difference between a monthly payroll cycle and a semi-monthly? Number of pays

3. 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

4. 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

5. 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

6. Faculty Pay

7. 2013-2014 Faculty 9 Month Faculty pay will be disbursed from August 31st May 15th

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. 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

11. 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

12. Will my taxes be affected? Yes The amount deducted will be based upon the rates defined in the semi- monthly IRS tax table.

13. 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

14. 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

15. 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

16. Can I opt out of the semi-monthly payroll cycle? No All University employees will be paid semi-monthly

17. Thank you