| 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 can be asked of the Payroll Office.
Advice on tax withholding strategies, however, should be discussed
with a personal accountant or financial planner. |
| |
|
|
|
Optional pre-tax deductions are available for: |
| |
● |
Group medical, dental
and vision
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. |
| |
● |
Section 457
contributions |
| |
|
|
|
In addition, after-tax deductions can be arranged for: |
| |
● |
Optional life insurance
for administrative staff member or family members; |
| |
● |
Contributions to the
United Way |
| |
● |
Contributions to the
Wesleyan Fund; and |
| |
● |
Miscellaneous expenses such as bookstore or food service charges. |
| |
● |
Roth SRA
contributions |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|