Welcome!. HR Forum December 5, 2007 Human Resource Services University of Florida. Today’s Agenda. December Leave Benefits Tax Services Update Early Holiday Payroll Deadlines Optional Retirement Plan Florida Retirement System Retirement Special Pay Plan
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December 5, 2007
Human Resource Services
University of Florida
December Leave Benefits
Holiday Closing Period
Personal Leave Days
Tax Services Update
Total earnings that are added to your Gross Pay and are subject to federal income taxes
Total earnings that are not added to your Gross Pay and are subject to federal income taxes
Voluntary deductions the employee has elected to be deducted from their pay, such as health, life and dental insurance that are not subject to federal income taxes
Taxable gross represents the total income before tax deductions
Net pay is the dollar amount left after all deductions and withholdings are taken. This is the amount the employee received through direct deposit to their bank account or an actual check issued to the employee. Non-cash fringe benefits are not included in “Total Net Pay”
Tax Deductions includes federal withholding taxes, social security taxes, and Medicare taxes. Social Security tax is computed at 6.2% of the first $97,500.00 in 2007 of taxable gross wages. Medicare tax is computed at 1.45% of the taxable gross wages in 2007.
Other miscellaneous deductions (After Tax Deductions) are voluntary deductions the employee has elected to be deducted from their pay that are subject to federal income taxes
UF Contributions on Your Behalf are for your information only. It includes UF’s contribution for any deduction, including State Insurance program, health insurance subsidy, disability retirement benefit, and educational and/or administrative fees
Early Holiday Payroll Deadlines
1.Adjustment processing & Tax Reporting
Adjustment processing: through 12/11is a 2007 transaction
All Adjustments after 12/11 are 2008 transactions2.Accelerated Payroll Processing
Pay day for 12/21/07 is normal schedule
Pay day for 1/4/08 Confirms on 12/19/07
ORP to FRS
1-866-446-9377, Option 3, prior to making your election.
Retirement Special Pay Plan
What is it?
It is a 401 (a) retirement plan for sick and vacation payments at the time of separation of salaried (non-OPS) employees.
Faculty, TEAMS, and USPS employees with payments of $2,000 or more from sick and vacation cash-out.
Employees entering (or exiting) DROP
Make Whole Provision
Signing-up for New Hire Benefits Effective 1/1/08
Academic Personnel Website
Thank you for attending &HappyHolidays!