Payroll Deductions/Reductions

[Faculty Handbook Category #3]

The college makes the following payroll deductions: 

· Federal and State of Minnesota Withholding Tax: The amount deducted is determined by government tables in accordance with the amount of earnings and the number of exemptions claimed by the employee. 

· Social Security and Medicare: Under present law the employee and the employer contribute equally toward this fund.

An eligible employee may elect payroll deductions/reductions for the following optional benefits:

· Health Insurance (premiums before social security, Medicare, federal, and state tax deductions) 

· Medical Reimbursement Account (before social security, Medicare, federal, and state tax deductions) 

· Dependent Care Reimbursement Account (before social security, Medicare, federal, and state tax deductions) 

· Supplemental life insurance 

· Dependent life insurance 

· 24-hour Accidental Death and Dismemberment (AD&D) 

· Group Supplemental Retirement Annuity – GSRA (before federal and state tax) 

· Retirement Annuity – RA (before federal and state tax) 

Further details regarding these options can be found in the Benefits section of this Handbook.