Why is my net pay different in the new system from when payroll checks were computed by the Bureau of State Payrolls (BOSP)?
Some small differences in your net pay may occur. Some of the Bureau of State Payrolls’ computation methods differed from PeopleSoft methods. For example, the taxable value of Group Term Life, although a small amount for those qualifying employees, is taxable income reported on your W-2. BOSP withholds Social Security and Medicare taxes but does not withhold federal income tax. In PeopleSoft, Social Security, Medicare and federal income tax will be withheld on the taxable value of Group Term Life. This change does not change your taxable income for the year; it merely increases your federal tax withholding by a small amount.
Related Questions
- Does any other State have a software or payroll system that captures required information on OJT programs? Does it include analytical tools to determine statistical significance?
- Why does the system stops automatic filling in of the pay year, pay month and pay period in payroll calculation after I fill in the payment method at the start of the year?
- I am a Line Manager who has a number of part time staff. Does the payroll system know when to pay the new increment level for each of them?
