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HOT TOPIC: How to read an Earning Statement

HOT TOPIC: How to read an Earning Statement. Earnings Statement: Hours & Earnings. Biweekly Paycheck (student & classified):. Description : Earnings type, listed by Job Record & Earnings code. Current : Current rate, hours, & earnings amounts for the pay period. YTD (Year To Date) :

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HOT TOPIC: How to read an Earning Statement

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  1. HOT TOPIC: How to read an Earning Statement

  2. Earnings Statement: Hours & Earnings Biweekly Paycheck (student & classified): Description: Earnings type, listed by Job Record & Earnings code • Current: Current rate, hours, & earnings amounts for the pay period • YTD • (Year To Date): • Sum of hours & Year-to-Date sum of earnings for the calendar year Monthlypaycheck (Unclassified):

  3. Earnings Statement: Taxes Fed OASDI/EE - Federal employee paid Social Security Tax Fed OASDI/ER - Federal employer paid Social Security Tax Fed MED/EE - Federal employee paid Medicare Tax Fed Withholding - Federal Withholding Tax Fed Med/ER - Federal employer contributed Medicare WI Withholding – State Withholding Tax

  4. Earnings Statement: BeforeTax Deductions Note: All 2011 YTD garnishment amounts were converted as LTD values. This will reset at the start of the calendar year – 2012.

  5. Earnings Statement: After Tax Deductions Each section of the Earnings Statement has a total line. This is totaling all of the current after-tax deductions and year-to-date after-tax deductions.

  6. Earnings Statement: Employer Paid Benefits • Imputed Income for State Group Life (SGL): • The asterisk signifies the amount is taxable and impacts taxable wage amounts. • The difference between before-tax State Group Life and the taxable SGL portion listed under Employer Paid Benefits, noted by the asterisk, equates to the pre-tax amount on the old Earnings Statement. • Imputed Income for State Group Life (SGL): • The asterisk signifies the amount is taxable and impacts taxable wage amounts. • The difference between before-tax State Group Life and the taxable SGL portion listed under Employer Paid Benefits, noted by the asterisk, equates to the pre-tax amount on the old Earnings Statement. • Imputed Income for State Group Life (SGL): • The asterisk signifies the amount is taxable and impacts taxable wage amounts. • The difference between before-tax State Group Life and the taxable SGL portion listed under Employer Paid Benefits, noted by the asterisk, equates to the pre-tax amount on the old Earnings Statement.

  7. Earnings Statement: Totals & Net Pay Distribution The Net Pay section indicates if employee received a paper check or their earnings are direct deposited. Shows the pay distribution between financial institutions,  if the employee has created up to three direct deposits into different bank accounts.

  8. Earnings Statement: Leave Balances Beginning Earned Balance: Earned balance from the prior pay period Used & Adjusted: Leave amount used or adjusted in the current pay period Available Balance: Remaining balance available to be used Earned: Leave earned in the current pay period Ending Earned Balance: Beginning earned balance (+) Hours earned in current pay period (-) Hours used or adjusted

  9. Multiple Jobs on Campus • Employees with Multiple Jobs: • Will receive an earnings statement for every check issued during the pay period. • The Pay End Date determines if an employee will have pay earnings combined on one check. For example: • If the pay end date of jobs are the same, you will receive one check with multiple earnings rows. If you are paid bi-weekly for both jobs (classified/student hourly) then you will receive one earning statement. The taxable gross is calculated from the combined job earnings. • If the pay end date of jobs are different, you will receive multiple checks. If you are paid bi-weekly and monthly (unclassified and classified/student hourly) and receive checks at different times, you will receive the multiple earning statements. • Benefit deductions will be taken from the primary job.

  10. Resources • A more detailed listing of the Earning Statement and its sections can be found at: • Service Center Website • https://uwservice.wisc.edu/hrs/earnings-statement.php

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