POLICY NUMBER: III C
SUBJECT: PAYROLL DEDUCTIONS
APPLIES TO: FACULTY AND STAFF
EFFECTIVE DATE: July 1, 1993
REVISED FROM: February 17, 1990
1. Required Deductions
The University is required by law to make the following deductions from the individual employee's paychecks:
- Federal income tax
- State income tax
- City tax
- FICA tax
- Retirement System employee contributions.
- Optional Deductions
The individual employee has the option to request the following deduction(s) be taken from his/her paycheck:
- Supplemental life insurance to the life insurance company approved by the Board of Regents to carry Murray State University's life insurance program.
- Tax sheltered annuity or deferred compensation plans that are approved by the University.
- Flexible spending accounts
- Disability insurance
- Deposits to the MSU Federal Credit Union and/or the banking/savings institutions in the continental U.S.
- Contributions to United Way, the MSU Annual Fund or other miscellaneous agencies accommodated by Payroll.
- Other optional deductions may be made by approval by the Board of Regents.
- 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.
- 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.
- 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.