Decoding Your University Paycheck

Understanding your university paycheck is essential for financial management and ensuring correct payment. Here's a guide to the common components of your paycheck:

Gross Pay:

The total earnings before deductions, including salary, overtime, and bonuses.

Deductions:

Deductions reduce your gross pay for various obligations. Common deductions include:

Federal Income Tax: Withheld based on your W-4 allowances.
State Income Tax: Withheld based on state laws.
FICA Taxes: Covers Social Security and Medicare contributions.
Health Insurance: Your share of premiums for university-provided plans.
Retirement Contributions: Contributions to plans like 403(b).

Net Pay:

Your take-home pay after all deductions.

Additional Details:

Your paycheck may also show:

Pay Period: Covered dates of the paycheck.
Year-to-Date Totals: Cumulative earnings and deductions for the year.
Employer Contributions: University contributions to your benefits.

Review Regularly:

Review your paycheck regularly for accuracy. Contact the university payroll department for help with discrepancies.