VIII.Financial Arrangements and Faculty Benefits: A. Financial Arrangements
1. Automatic Payroll Deposit
To facilitate the processing of all payrolls, all faculty and staff placed on the payroll after July 1, 1998 will have their salary deposited directly in their bank accounts by participating in the Automatic Payroll Deposit Program offered by the University. Most financial institutions offer discounted services for direct deposit participants. Please be in touch with the Office of Human Resources for more details concerning enrollment for this service.
2. Salary Payments
Faculty salaries are earned over the nine (9)-month academic year but are paid on a twelve (12)-month basis. Individual checks showing gross pay and all deductions are issued on the 25th of each month, or the last working day before the 25th if the latter falls on a Saturday, Sunday, or holiday. Continuing faculty who elected in 1997 to be paid on a nine-month basis and new faculty with one-year contracts may request to have their salaries paid on a nine-month basis and will have an annual election to be paid over nine (9) or twelve (12) months. Faculty members in this category waive forever the option to be paid over a nine-month basis whenever they elect payment on a twelve-month basis.
3. Income Tax
Income taxes as required by law are deducted on all compensation for personal services in accordance with the table provided by the U.S. Internal Revenue Service, the State of Ohio, Granville Village, and other applicable jurisdictions. W-2 forms, showing total annual compensation and income and social security taxes withheld, will be furnished to every employee and the U.S. Internal Revenue Service.
4. Social Security
Denison participates in the Federal program of old age and survivor benefits under Social Security. Participation is required of all employees. This statutory deduction is made with a matching contribution by the University.
5. Salary Advance
Faculty members may obtain one salary advance per academic year, not in excess of one month's gross pay, by submitting a Request for Payment to the Office of Human Resources with a brief statement outlining the general purpose of the advance. Such advances will be recovered over the remaining pay periods of the current contract year.