Non-Exempt/Hourly - Bi-Weekly Pay Cycle
The Human Resources and Payroll module of project BOOST launched in December 2012. The changes described below are related to this project.
If your January 11, 2013, paycheck is different from your December 28, 2012, paycheck, please check if any of the following items have occurred:
- Did you make a change to your federal Form W-4 (income tax filing status, number of exemptions, and/or extra tax withholding from each pay)? With the passage of the American Taxpayer Relief Act of 2012, changes to federal tax rates were adopted for 2013. Changes include income tax withholding rates, the social security tax rate increased to 6.2% from 4.2%, and the Medicare tax rate increased to 2.35% from 1.45% for wages exceeding $200,000.
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Health and dental premiums:
- Did you select a different plan type or change the number of dependents?
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Even if no change was made, the premiums for your current plan changed effective 1/1/13. Below are the premiums for 2013:
HEALTH
PPO Health Plan $1,000 + HRA:
- $32.84/per pay - employee only
- $53.47/per pay - employee + 1 dependent
- $87.54/per pay - employee + 2 or more dependents
PPO Health Plan $300:
- $48.30/per pay - employee
- $78.62/per pay - employee + 1 dependent
- $128.83/per pay - employee + 2 or more dependents
DENTAL
- $12.13/per pay - employee only
- $21.22/per pay - employee + 1 dependent
- $31.71/per pay - employee + 2 or more dependent
- Were there any new voluntary deductions that you requested for calendar year 2013? Or did you discontinue any voluntary deductions that you had in calendar year 2012?
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Did you make a change to your annual election for any of the following:
- Flexible Spending Account
- Retirement contribution
- United Way contribution
- FPS gifts to the College
- Did you experience a change in your number of work hours; did you work extra or overtime hours; or did your rate of pay change?
- Taxable life insurance: life insurance coverage in excess of $50,000 has always been treated as taxable income to you, but in Banner, the annualized cost of the coverage in excess of $50,000 will be allocated and added to your gross wages once a month instead of every paycheck. So you will see a slight change in your net pay from bi-weekly pay to bi-weekly pay due to Social Security and Medicare taxes being withheld once a month.
If there are differences between your December and January paychecks that you cannot explain after reviewing this information, please contact Denise Orrison in Payroll at 291-3928 or email her at dorrison@fandm.edu.
