Health insurance is paid for in the month of coverage. If we split to 26 pays versus 24 pays, there would be manual calculations to be done on the front end and the back end of employment. It is cleaner to take a monthly premium and cut in half.
You can check your federal and state withholding on MyUSI self-service tab under the Taxes section, it is listed on the left-hand side of the screen or by calling or emailing payroll usi.payroll@usi.edu.
Yes, faculty and administrators, except when on an approved leave of absence, sick, vacation, bereavement, etc, will be reported in half day increments (3.75 hours for half day and 7.5 hours for a full day).
Click on the following link and select the training for entering time, approving time, or setting up or acting as a proxy https://www.usi.edu/hr/payroll. Further questions? Contact Payroll at 812-464-1988 or via email at usi.payroll@usi.edu.
Becky Eckert, raeckert@usi.edu, 812-465-7045
Lisa Wulff, lgwulff@usi.edu, 812-464-1988
Dawn Luckett, dmluckett@usi.edu, 812-465-7195
If you need to report University Business, please enter this information in the comments section of your time sheet.
Imputed life insurance refers to the taxable value of employer-provided group-term life insurance coverage exceeds $50,000. The Internal Revenue Service (IRS) considers the cost of this excess coverage non-cash benefit, or "fringe benefit," that must be treated as taxable income to the employee, even thought they don't receive cash. The difference you see in net pay is the "fringe benefit" of Imputed life insurance.
Deductions for insurances (health, life, dental, vision, etc) are only withheld 24 times a year. When there are 3 pay dates in 1 month, the third pay will not have insurance premiums deducted.
