SECTION 5 COMPENSATION
All employees are paid on the last day of each month. If the last day falls on a Saturday, Sunday, or University holiday, payment will be made on the preceding work day. Pay will be automatically deposited to the employee’s bank account unless otherwise requested.
Every payday an employee receives a statement of earnings. This statement provides current and year-to-date earnings and withholdings.
Compulsory deductions are those withholdings that Willamette is required by law to make from an employee's earnings. Compulsory deductions include Social Security and Medicare, Federal Income Tax, and State Income Tax.
Voluntary deductions are those deductions Willamette is authorized by the employee to make from his or her pay, which may include retirement, medical/dental insurance premiums for dependents, flexible spending account, tax sheltered annuity, gifts to the University, and United Way. Requests for voluntary deductions must be made in writing.
In January of each year, all employees will receive a Wage and Tax Statement, Form W-2.
Deductions made from salary are indicated on the payroll statement or check stub. Compulsory deductions include:
Social Security Tax (FICA)
Federal Income Tax
State Income Tax
Retirement
Medicare (FUTA)
Child Support or Garnishment (if applicable)
Optional deductions may include but not limited to:
Supplemental Retirement
United Way
Gifts to the University
Medical and or Dental Insurance Premiums for Dependents
Academic Regalia
Vehicle and/or Homeowners Insurance
Flexible Spending Account (IRS section 125)
MAPS Savings/Loans Payments
Computer Purchase