How to decode your WPS payroll voucher 2016-17
Under “Earnings” you should find any monies you have been paid:
Hours means what percentage you are working. Most of us will be 1.0 which equates to full time.
Extra Curr will reflect any pay you get for coaching, being a team leader or running a club or activity that you get paid for.
Salary: Current Multiply this number by 21 to get your annual salary before any extra pay for extra curricular or extra duties. (multiply by 24 if you are getting the bubble pay option with a larger pay check on the last pay period). Then check the current salary schedule to make sure it is correct: 2016-17 Salary schedule
Under the “Employee Deductions”
Medicare is tax you pay to Fed Government for Health Insurance that you can start collecting when you are 65. http://medicare.gov/
Fed Tax is the income tax you have deducted.
State Tax is the CT Income tax
7.25% TRB: Your contribution to Teacher’s retirement. This is not optional but if you leave teaching you can take this money and invest it elsewhere. Of the mandatory 7.25% contribution, 6% is posted into your membership account and 1.25% is posted to the Health Insurance Fund which helps reduce the cost of health insurance for retired members and spouses. http://www.ct.gov/trb/site/default.asp
If you stay in teaching until retirement, you will get a nice pension from the CT. The Town of Westport does not contribute anything towards our retirement.
FYI…The CEA periodically holds free retirement programs. It is good to go to one of these even if you are years away from retirement so you can learn all about how it works. Check the CEA website for locations, dates & registration.
Medical is our part of the health insurance plan. Make sure you check these numbers to make sure you are paying the correct amount and if there is a problem please contact Eileen Ahern who is the TSO insurance coordinator.
Dental: this year for the first time they have broken this price out and listed as a separate cost.
Full medical insurance rate info can be found here on the WEA website: http://westportea.org/cigna/insurance-costs/
2016-17 insurance cost sharing rates for teachers (on a per pay basis for 20 pay periods):
Full Time Teachers – pay 19% of BOE rates BOE will contribute $1000 (single) / $2000 (family) to their HSA account. These rates include medical and dental costs.
Single: $89.31/pay for 20 pays
Dual: $192.11/pay for 20 pays
Family: $241.09/pay for 20 pays
Part Time Teachers pay 30% of the BOE rates. BOE will make the full contribution $1000/$2000 to their HSA account. These rates include medical and dental costs.
Single: $138.98/pay for 20 pays
Dual: $298.95/pay for 20 pays
Family: $375.18/pay for 20 pays
Axa Equitable / Fidelity (or something similar) whatever you are getting taken out to add to an optional 403b retirement plan.http://www.irs.gov/publications/p571/ch01.html
HSA Bank: Your contributions to your HSA account. Make sure to go to mycigna.com and follow the link to your Chase HSA account to make sure that you get BOE contributions quarterly and if you want to change the amount you have going to your HSA at any time, follow directions here: http://westportea.org/cigna/high-deductible-hsa-plan/