The stub of an employee’s payroll check lists all payroll deductions. Certain deductions are required by law and others are determined by the employee’s participation in benefit plans and similar programs. Payroll deductions are made in equal installments from each payroll check. Salary deductions are automatically made for unauthorized or unpaid leave.
Required Withholdings
- Federal Income Tax: This deduction is computed from Internal Revenue Service tax tables, based on the Employee’s Withholding Certificate (W-4 form). If the employee wishes to change his/her current filing status or request additional withholdings, he/she should do so by logging into Paycom.
- Federal Social Security and Medicare Tax: This deduction consists of taxes under the Federal Insurance Contributions Act (FICA) and is computed by a percentage of the gross pay. A portion of this amount is for Social Security and the remainder is for Medicare.
Voluntary Withholdings
The following payroll deductions are based on the employee’s participation in these plans or programs and may include:
- Medical Insurance
- Dental Insurance
- Vision Insurance
- Health Savings Account (HSA)
- Voluntary Life Insurance
- Identity Protection Insurance
- Retirement Savings Program – 401(k)
- Capital Campaign
- Tuition payments for dependents attending the School
All questions pertaining to pay and tax withholdings should be referred to the Payroll and Benefits Administrator.
Annual W-2/1095-C Statements
A statement of deductions and earnings (IRS Form W-2) and a medical benefits summary required by the Affordable Care Act (IRS Form 1095-C) for the preceding calendar year are issued each January, no later than the last business day of the month, or as amended by law. If employment with the School terminates prior to January, an employee’s W-2 and 1095-C forms will be mailed to the last address on record at the School.