Everything YOU Need to Know About Your Paystub
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- Kathleen Collins
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1 Everything YOU Need to Know About Your Paystub
2 Understanding Your Paystub Your paystub is titled Employee Wage and Earnings Statement. There are seven (7) major sections in your Wage and Earnings Statement you should understand Pay date and Pay Period Name and Address Next pay date Earnings and Deductions Supplemental Pay Deductions Bank deposit information Leave Information
3 Pay Date & Pay Period The pay date should reflect the date you receive your paycheck The period begin and end dates reflect the period of time covered by the paycheck
4 Name & Address & Next Pay Date Verify that the name is your correct, full name (no nicknames) Verify your mailing address Keep it current at all times Submit changes to the HR Department Make note of the next pay date At times, the dates are earlier than normal due to work holidays Refer to the Pay Date Schedule in the Compensation Handbook
5 Earnings & Deductions The column titled This Period is for the paycheck The column titled Calendar YTD is for the time period from January 1 st through December 31 st of each tax year Net Pay is the amount that should be deposited to the bank of your choice via direct deposit on the pay date.
6 Earnings & Deductions Earnings may include: Standard Gross this is your base pay Supplemental Pay Overtime Pay Absence Refund Taxed Fringe Benefits (such as prizes) Earned Income Credit Non-TRS Compensation
7 Earnings & Deductions Deductions may include: Absence Deductions if you exhaust your paid leave Withholding Tax (IRS Taxes) FICA & Medicare Tax (Social Security) TRS Salary Reduction (TRS Deposit) Total Other Deductions listed under This Period to the right of the statement
8 Earnings & Deductions You Pay LISD Pays
9 Supplemental Pay All supplemental pay shall be paid through the normal payroll process subject to the established pay dates and payroll deadlines on the employee s regular paycheck. Monthly-paid staff Supplemental Pay Forms are due to Payroll within 5 days of the duty being performed Semi-monthly paid staff Supplemental pay shall be based on the employee s timekeeping records based on the pay periods for each pay date
10 Deductions Some deductions are mandatory Withholding tax FICA & Medicare tax TRS Deposit (excludes substitute staff) Some deductions are voluntary Other Deductions may include Group Health Insurance (TRS ActiveCare) First Financial (FSA Account) Group Term Life Met-Life Insurance Other voluntary deductions
11 Bank Deposit Information Bank Name You can deposit your paycheck to any US bank Account Type You can deposit your paycheck to a checking or savings account Account Number Is not printed on your pay stub for security reasons, but if your account number changes, please notify Payroll immediately to avoid a delay in payment Amount The amount of the deposit to your account(s) - The total should match your Net Pay
12 Leave Information Leave Type Refer to the Leaves & Absences presentation for information regarding the different leave types Units Used This Period Leave used during the pay period (refer to the pay periods in the Compensation Handbook) Balance The amount of leave remaining (recent leave used will not be reflected until the next paycheck) Units Used Year to Date Amount of leave you have used during the current school year
13 Leave Information NOTE: Your pay stub may not include all leave types on this illustration.
14 Things to Do. Review YOUR paystub when you receive it Paystubs for employees are ed at least 1 day prior to payday Paystubs for substitute employees are mailed to their address at least 1 day prior to payday Keep a copy of your paystub for future reference File by school year on your computer, jump drive or in a paper file
15 And, the Most Important Thing.. Visit your Payroll Department if you have any questions about your paystub
16 Questions Submit your questions via to:
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