TCU Payroll Departments processes two pay cycles.
Bi-weekly Once every Two weeks
Monthly 1st to 30th, calendar month
Earnings = these are the gross payments for your work (Calculated by the hours during a pay period or by days worked in a month.
Deductions = All the monies being cut from your paycheck like Taxes, Health Insurance Contributions, Voluntary Contributions
Paystubs contain lots of information, from federal income tax, Social Security, Medicare tax, State taxes. All paycheck stubs will show the Gross Earnings — this is total amount you earned before any taxes were withheld for the pay period.
It will also show your net Earnings/pay — the total amount of your check after all withholdings.
Federal income tax may be abbreviated Fed Tax, Fed Withholding, FT or FWT. This amount is withheld against any tax you would owe to the federal government (IRS). The amount withheld from your pay depends on whether you're married or single and how many allowances you claim on the Form W-4 you filed with your employer.
Social Security & Medicare Tax
Social Security tax may be abbreviated FICA, SS, SSWT or Fed OASDI. Even if you have $0 withheld for federal or state income taxes. , All employees generally have Social Security and Medicare taxes withheld. Student employees do not have social security taxes if enrolled in classes and work for the university.
If you earn at least a specified amount for at least 40 quarters, you'll be able to receive Social Security benefits when you retire. The amount withheld for Social Security from each of your employers is 6.2% of your gross income (up to income of $113,700 for 2013). TCU pays an additional 6.2% for employees.
Medicare tax may be abbreviated MWT, Fed Medicare, or Med. This amount is withheld so you'll be covered by Medicare when you reach age 65. The amount withheld from your pay is 1.45% of your gross income. Your employer pays an extra 1.45% that doesn't come out of your check. There are no income limits. All covered wages are subject to Medicare tax.
State income tax may be abbreviated St Tax, ST or SWT. Your paycheck may also show the abbreviation of the state for which the tax is being withheld (for example, NJ tax). Depending on where you live, you may not have state withholding or you might have withholding for more than 1 state (the state you live in and the state[s] you work in).
Your paycheck stub will show year-to-date totals. This information is good to have, especially if you're trying to estimate whether you'll have a refund or balance due at the end of the year. Save the last check stub to compare with your W-2. The amounts on the last check stub and the W-2 amounts generally should match. Contact your payroll department if there are any differences.