Payroll Terms & Acronyms

C&T | CASUAL EMPLOYEE | EARNINGS | EXEMPT EMPLOYEE | FICA | FISCAL YEAR | FIT | FORM W-4 | FORM CTW-4 | FORM I-9 | FORM W-5 | GROSS PAY | M&P | MAIL CODE | NET PAY | NON-EXEMPT EMPLOYEE | QUICK PAY | SALARY ADVANCE | S&M | SIT | TVP | WITHHOLDING TAXES

C&T

Yale University Clerical and Technical employee

Casual Employee

Yale University employee hired for a non-benefited temporary position

Earnings

Record of wages/salary paid to employee

Exempt Employee

Classification of an employee whose job title and description makes them exempt from provisions of the Fair Labor Standards Act.

FICA

(Federal Insurance Contributions Act) A Federal system of old age, survivors, disability and hospital insurance)

Social Security: The old age, survivors and disability insurance part of FICA

Medicare Tax: The hospital insurance part of FICA

Fiscal Year

Yale University’s Fiscal year is from July 1^st through June 30^th.

FIT

Federal Income Tax

Form W-4

The “Employee’s Withholding Allowance Certificate” that determines federal tax withholdings.

Form CTW-4

The “Employee’s Withholding or Exemption Certificate” that determines State of Connecticut tax withholdings.

Form I-9

The “U.S. Department of Justice Employment Eligibility Verification form”. All new employees must complete this form to verify eligibility of employment.

Form W-5

The “Advanced Earned Income Credit” form to request qualified Earned Income Credit payments to be included with Yale University Payroll Payments.

Gross Pay

The total amount of payments made to an employee prior to any taxes and/ or pre-tax or post-tax deductions.

M&P

Yale University Managerial or Professional employee

Mail Code

Three digit campus routing code assigned by Campus Mail Delivery Service for each department to ensure accurate campus mail deliveries of paychecks and/or pay advices.

Net Pay

The total amount of payment after any applicable deductions including Federal, State, Social Security and Medicare B taxes and pre-tax or post tax deductions. “

Non-Exempt Employee

Classification of an employee whose job title and description are covered by the provisions of the Fair Labor Standards Act (FLSA)

Quick Pay

The Oracle HR/Payroll System’s term for any check processed and printed outside the realm of normal scheduled payroll processing cycles.

Salary Advance

Under special circumstances, payment made to an employee prior to pay period.

S&M

Yale University Service and Maintenance Employee

SIT

State Income Tax

TVP

Terminal Vacation Pay—Vacation Pay due employee at time of termination.

Withholding Taxes

State of Connecticut and Federal taxes withheld from payroll payments in accordance with State and Federal tax laws.

C&T | CASUAL EMPLOYEE | EARNINGS | EXEMPT EMPLOYEE | FICA | FISCAL YEAR | FORM W-4 | FORM CTW-4 | FORM I-9 | FORM W-5 | GROSS PAY | M&P | MAIL CODE | NET PAY | NON-EXEMPT EMPLOYEE | QUICK PAY | SALARY ADVANCE | S&M | SIT | TVP | WITHHOLDING TAXES