Date: Fri, 29 Mar 2024 06:09:34 -0400 (EDT)
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ROWAN UNIVERSITY POLICY
Title: Payro=
ll Deductions
Subject: Payroll Services &nbs=
p;
Policy =
No: FIN: 2015:20 <=
br>Applies: University-Wide  =
;
Issuing Authority: Senior Vice President for Finance and CFO
Responsible Officer: Payroll Director
Adopte=
d: 01/01/1993
Last Revision: 11/01/2019
Last Reviewed: 11/04/202=
2
I. PURPOSE
The purpose of this policy is to outline =
how the University complies with federal and state regulations in processin=
g payroll deductions.
II. ACCOUNTABILI=
TY
Under direction of the Senior Vice Presid=
ent for Finance and CFO, the Payroll Director will implement and ensure com=
pliance with this policy. The Payroll Director shall ensure all deductions =
are taken according to laws and current contracts and sent to all appropria=
te vendors on a weekly basis when payroll is complete.
III. APPLICABILITY
This policy applies to all Rowan Universi=
ty employees and students who receive payroll distributions.
IV. POLICY
- Payroll Services processes mandatory deductions from employees=E2=80=99=
paychecks in compliance with governmental regulations and processes volunt=
ary deductions in accordance with the employees=E2=80=99 elections. These d=
eductions include all applicable statutory tax deductions, but they are not=
limited to federal and state income tax withholding and FICA taxes.
- All employee records are defaulted to pay New Jersey State taxes. Penns=
ylvania residents must complete a Non-Resident Form to terminate the New Je=
rsey State taxes and activate the Pennsylvania State taxes.
- Routine questions about tax deductions may be directed to the Payroll o=
ffice. Advice on tax withholding strategies, however, should be discussed w=
ith a personal accountant or financial planner/advisor.
- Students are not subject to FICA taxes when enrolled in 6 or more credi=
t hours during the fall and spring semesters and 6 or more credit hours dur=
ing the summer semester.
- Payroll Services is responsible for tax payments and deposits arising f=
rom salary and wage payments and for associated tax reports.
V. ATTACHMENT
1. Attachment 1- Deductions
ATTACHMENT 1
DEDUCTIONS
Mandatory deductions include:
- Federal and state income taxes (based on an individual=E2=80=99s W-4 fi=
ling status; W-4 filing status may be changed at any time by filing a new W=
-4 form with the Payroll office);
- Social Security taxes;
- Medicare taxes; and, Additional Medicare taxes on wages over $200,000.<=
/li>
- Local taxes (Philadelphia taxes for residents)
Pre-tax deductions are available for:
- Medical and dental insurance;
- A reimbursement account for medical and dental expenses not covered by =
insurance (medical expense reimbursement account)(Flex Spending, HSA;
- Supplemental retirement savings (SRA),(SACT) (tax deferred);
- A dependent care expense reimbursement account (Flex Spending); and,&nb=
sp;
- Parking and Transit deductions
Optional after-tax deductions are available for:
- Extra life insurance for employee and/or spouse;
- Contributions to the United Way, Employee charitable campaign;
- Contributions to the Rowan Foundation; and,
- Fitness Center.
- 427 Roth 457 After tax
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