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Semi Monthly Pay Schedule

• Provide new employees a shorter wait time for first paycheck
• Provide shorter period for pay correction processing
• Provide more frequent pay checks
• Reduce the number of off-cycle payrolls runs processed by the Payroll Department
• Semi-monthly pay is one of the most utilized payment methods for employees.
• Reduced financial stress. Semi-monthly payroll ensures a consistent income flow, reducing anxiety associated with longer pay intervals. 

There will no longer be a long wait for a paycheck from December to January. 

Semi-monthly payroll simply means employees will be paid twice a month. Paydates will occur:

• On the 15th of each month, and
• The last business day of the month

If either the 15th or the last business day of the month falls on a weekend or bank holiday, the pay date will be the preceding business day. 

Paydays will be the 15th and the last business day of the month, with adjustments for weekends and holidays.

All current monthly payroll employees in ÁùºÏ²Ê×ÊÁÏ´óÈ« will be updated to semi-monthly payroll.

Employee deductions will be adjusted for:

• Tax shelter contributions
• Benefit deductions
• Additional tax contributions
• Employee elected contributions (Payroll Department)
• Direct deposit amounts for non primary deposits

Employee pay period amounts will be adjusted

• Employee base pay period amounts
• Period stipend amounts

• Current monthly payroll employees will transition from 12 paychecks a year to 24.

• Employees can divide their current monthly net pay by 2 to get an estimate of the semi-monthly amounts.

The amount of your federal tax withholdings will not increase. The tax withholding will be calculated based on semi-monthly payroll. 

• Employee federal taxes will continue to be calculated per IRS guidelines.

The 403B and 457B amounts will be split between the two paychecks and deposited into your account twice a month.

The FICA Alt withholding is a percentage calculation based on pay amounts.  Only the frequency of the withholding will be effected.