PAYROLL POLICIES AND PROCEDURES
METHOD OF PAYMENT
Employees are paid monthly, semi-monthly, or weekly, depending on the employee’s position. Wesleyan's method of payment is direct deposit. All incoming employees are required to sign up for direct deposit. If arrangements are made for direct deposit of paychecks to a financial institution, a statement of earnings and deductions will be online. Employees are encouraged to use IPay to view payroll statements online. Information is available in each employee’s portfolio.
DEDUCTIONS
Mandatory deductions include:
- Federal and state income taxes (based on an individual’s W-4 filing 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; and
- Medicare taxes.
Routine questions about tax deductions may be directed to the Payroll office. Advice on tax withholding strategies, however, should be discussed with a personal accountant or financial planner/advisor.
Pre-tax deductions are available for:
- Group medical and dental insurance (deduction is automatic for participants in these plans);
- A reimbursement account for medical and dental expenses not covered by insurance (medical expense reimbursement account or MERA);
- Supplemental retirement savings (SRA) (tax deferred); and
- A dependent care expense reimbursement account.
In addition, optional after-tax deductions are available for:
- Optional life insurance for employees or family members;
- Contributions to the United Way;
- Contributions to the Wesleyan Fund; and
- Miscellaneous expenses such as bookstore.
REIMBURSEMENTS FOR WORK-RELATED EXPENSES
Employees are reimbursed for reasonable training, travel, lodging, other expenses approved in advance in connection with an employee’s job, and for the use of a personal phone for work-related long-distance calls. Applications for reimbursement must be made on travel expense forms or vouchers as appropriate which are provided by the Accounts Payable office. Reimbursements will be made in a separate check; not a paycheck. For more information, please refer to: Travel Policy