About Your Paycheck/Earnings Statement
Earnings Statement
Your Earnings Statement provides employees detailed information on the additions to and subtractions from gross salary or wage in order to arrive at your net pay. Net pay is your “take home” pay. It also provides cumulative payroll information in the Year-To-Date sections of Earnings, Taxes, Before/After Tax Deductions, and lastly Employer paid Benefits. The Hours and Earnings box provides detail on all earnings codes paid to you in your gross salary/wage. The Taxes and Deductions boxes provide detailed information on all the deductions from your gross salary/wage. The Employer paid Benefits Box outlines the benefits paid on your behalf by the University.
View your Earnings Statement
Earnings statements are available for employees to view via the PeopleSoft website. Employees should use the following link provided to access employee information:
Once logged in, you can view the home page. Under the Employee Self Service section you will find Payroll & Compensation. Click on View Paycheck link. This will provide employees a detailed list of their available earnings statements to view and/or print.
** Note: Earnings Statements are available one day prior to payday.
Earnings Statement Glossary
Hours And Earnings
Regular Pay: reflects your monthly salary. This code is used for employees that are paid over 12 months.
Contract Earnings: this pay code is for faculty positions and reflects monthly salary for faculty paid over 9-months or faculty who spread their salary over 12 months.
Contract Earned Not Paid: pay code reflects the portion of faculty monthly salary that is being deferred and banked, to your June, July, and August paychecks. This is for faculty that elected to be paid over 12 months instead of 9.
Hazard Pay: is a supplemental amount paid to individuals in positions eligible for pay, such as police officers.
Longevity Pay: is a supplemental amount paid to full-time non-faculty employees who have 24 months (effective 09/01/2005) or more of state employment. http://www.utsystem.edu/board-of-regents/policy-library/policies/int141-longevity-pay
Taxes
Fed Withholding Tax: The amount of federal income taxes withheld from your pay. The amount is based on your taxable income and the withholding allowances you selected on IRS Form W-4.
Fed Med/EE or Social Security: The amount of Social Security taxes withheld from your pay as required by the Federal Insurance Contributions Act. These taxes are subject to change by Congress and are assessed up to the established federal wage limit. The current rates and wage limit are posted on the Payroll Services website.
Fed OASDI/EE or Medicare: The amount of Medicare taxes withheld from your pay as required by the Federal Insurance Contributions Act. These taxes are subject to change by Congress and are assessed on all wages.
Before-Tax Deductions
Medical/Dental/Vision: Employee monthly premium for health, dental, or vision coverage.
Annuity/Deferred Compensation: the deduction for your elective tax sheltered annuity (Section 403(b)) or deferred compensation (Section 457) plan.
FLEX Dependent Care: that amount of money you irrevocably elected to contribute to a Section 125, to pay your child care costs. This amount is not subject to either withholding tax or OASDI tax.
FLEX Medical/Dental: that amount of money you elected to contribute to a Section 125 plan, to pay your out-of-pocket eligible medical or dental bills. This amount is not subject to either withholding tax or OASDI.
Teacher Retirement or Optional Retirement: the deduction for your contribution to your retirement plan; 6.7% for TRS members and 6.65% for ORP members of your Gross + Longevity Pay.
Employer Paid Benefits
Medical Premium Sharing: that portion of your insurance cost that is paid by the University.
Optional Retirement Plan: Employer match to employee contribution. The University contributes 8.5% to your retirement plan for TRS as a fringe benefit.
Teacher Retirement Plan: Employer match to employee contribution. The University contributes 8.0% to your retirement plan for TRS as a fringe benefit for FY 2022-2023.
Worker’s Compensation Insurance: Insurance paid by the University for employees to receive medical benefits for work related injury or occupational illness
Total Gross To Net Pay
Total Gross: All Earnings including salary, longevity, hazardous pay.
Taxable Gross: Total Gross - Retirement - Annuity/Deferred Compensation - All FLEX Amounts - Parking (If you elected pre-tax parking).
Total Taxes: Federal Withholding, Medicare, and Social Security.
Total Deductions: All deductions including before and after tax.
Net Pay: Total Gross minus Total Taxes and Total Deductions.
Hourly to Monthly Conversion & Overtime Rate:
To convert your hourly wage to a monthly wage:
- Hourly Rate X 2080 Hours = Annual Rate (52 Weeks per Year X 40 Hours = 2080 Hours)
- Annual Rate ÷ 12 = Monthly Rate
To convert your monthly wage to an hourly rate:
- Monthly Wage X 12 = Annual Wage
- Annual Wage ÷ 2080 Hours = Hourly Rate
To calculate your overtime rate if eligible for longevity/hazard pay:
- Monthly Wage + Longevity/Hazardous Duty Pay = Monthly Base Rate
- Monthly Base Rate X 12 = Annual Base Rate
- Annual Base Rate ÷ 2080 Hours = Hourly Base Rate
- Hourly Base Rate X 1.5 = Overtime Rate
