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Payroll Deductions

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POLICY NUMBER: III C

SUBJECT: PAYROLL DEDUCTIONS

APPLIES TO: FACULTY AND STAFF

EFFECTIVE DATE: July 1, 1993

REVISED FROM: February 17, 1990

PAYROLL DEDUCTIONS

1. Required Deductions

The University is required by law to make the following deductions from the individual employee's paychecks:

a. Federal income tax

b. State income tax

c. City tax

d. FICA tax

e. Retirement System employee contributions.

2. Optional Deductions

The individual employee has the option to request the following deduction(s) be taken from his/her paycheck:

a. Supplemental life insurance to the life insurance company approved by the Board of Regents to carry Murray State University's life insurance program.

b. Tax sheltered annuity or deferred compensation plans that are approved by the University.

c. Flexible spending accounts

d. Disability insurance

e. Deposits to the MSU Federal Credit Union and/or the banking/savings institutions in the continental U.S.

f. Contributions to United Way, the MSU Annual Fund or other miscellaneous agencies accommodated by Payroll.

g. Other optional deductions may be made by approval by the Board of Regents.

3. Procedures

a. Payroll deductions for state and federal income taxes are computed from information submitted by the employee on W-4 and K-4 forms. If the individual fails to complete a W-4 and a K-4 form, his/her withholding must be computed on the basis of a single person with no withholding exemptions.

b. Employees desiring to change the amount withheld for state and federal income taxes may submit a revised W-4 and/or a K-4 form to Human Resources or the Payroll Office no later than the first of the month in which the revised withholdings are to be made.

c. Employees desiring to participate in the optional programs must complete the necessary forms in Human Resources authorizing the action before any money can be withheld from the employee's paycheck.

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