Got paid? Thank your payroll professionals
National Payroll Week is a public awareness campaign that pays tribute to the payroll professionals who help to get you paid on time. To celebrate, Payroll and Benefits Services (PBS) is showing its community spirit by serving refreshments on Wednesday, Sept. 9, and Thursday, Sept. 10, at its office at 3100 Marine St., Sixth Floor, in Boulder.
Please recognize your department's payroll liaison during National Payroll Week. Why? Because "payroll is the one function that touches all employees and where 100 percent accuracy is the expectation," said Mark Stanker, assistant vice president of PBS.
On average, CU pays more than 25,000 people each month, according to PBS. The university's payroll professionals and department payroll liaisons accurately manage more than $1.1 billion in annual gross pay. These individuals are a dedicated team of experts who meet deadlines, answer employee inquiries, and know all local, state and federal tax rules and regulations.
Have you ever wondered what percentage of your salary should be deducted for Social Security taxes (6.2 percent of your gross pay less any pre-tax deductions), Medicare (1.45 percent of your gross pay less any pre-tax deductions), and 401(k) (amount based on individual employee election), much less what this nomenclature means?
Where does your money go between "gross pay" and "net pay?" Hint: The difference between your gross pay and net pay is due to any deductions you have authorized (i.e. medical, dental, life insurance, retirement contributions, parking or Colorado Combined Campaign contributions.) Other deductions might include local, state and federal payroll taxes, Social Security and Medicare contributions.
Is your employer deducting the right amount of federal and state income taxes? Your department payroll liaison and PBS payroll staff shoulder the responsibility for paying you correctly - a task that is not as simple as it sounds. This fiscal year, PBS issued more than 34,300 W-2s and more than 413,800 paychecks/advices.
"Payroll mistakes can have a serious financial impact on the affected employee and can be a distraction that leads to reduced productivity," Stanker said. "It's our goal to ensure that each and every employee is paid accurately and on time."
National Payroll Week is spearheaded by more than 21,000 members of the American Payroll Association in partnership with federal and state agencies, NPW National Sponsors, local chambers of commerce, professional tax and human resource associations, and companies across the United States.