Net Pay Resulting from VRS Leglslation

Below are three examples of how net pay will be affected by the five percent raise and five percent contribution resulting from new budget legislation. Examples 1 and 2 are for those paid biweekly; these examples show what the deductions and take-home pay will be for 24 of the 26 annual pay periods (two pay periods per year are limited deduction checks). The third example shows monthly pay.

You can read more information in Susan Carkeek's memo from March 7, 2011.

Example 1 - Biweekly

Salary $39,292.00   W4: Married 0
Health Insurance Employee + Spouse   VA4: N/A 0
Vision Insurance Employee + Spouse  
TDSP $40.00  
  Current Proposed
Wages $1,511.32 $1,586.79
GTL (Group Term Life) $0.83 $0.83
Retirement VRS N/A $85.95
MedPre UVA HlthPln POS $99.50 $99.50
TDSP Fidelity $20.00 $20.00
TDSP Vanguard F $20.00 $20.00
Vision Insurance $5.10 $5.10
FIT (Federal Income Tax) $126.74 $125.17
Med (Medicare Tax) $20.41 $21.50
SS (Social Security Tax) $59.11 $62.29
SIT (State Income Tax) $62.05 $61.45
Net $1,098.41 $1,085.83

Example 2 - Biweekly

Salary $21,292.00   W4: Single 1
Health Insurance Employee only   VA4: N/A 1
Vision Insurance None  
TDSP None  
  Current Proposed
Wages $818.00 $859.87
Supp. Benefit Credit $12.50 $12.50
Retirement VRS N/A $46.58
MedPre UVA HlthPln POS $24.50 $24.50
FIT (Federal Income Tax) $71.09 $70.39
Med (Medicare Tax) $11.69 $12.29
SS (Social Security Tax) $33.85 $35.61
SIT (State Income Tax) $27.75 $27.51
Net $661.62 $655.49

Example 3 - Monthly

Salary $60,000.00   W4: Married 0
Health Insurance Family   VA4: N/A 0
Parking $25.00  
TDSP $100.00  
  Current Proposed
Wages $5,000.00 $5,250.00
GTL (Group Term Life) $2.50 $2.50
Retirement VRS N/A $262.50
MedPre UVA HlthPln POS $382.00 $382.00
TDSP Fidelity $100.00 $100.00
Parking Pretax $25.00 $25.00
Federal Tax $504.37 $502.49
Social Security $193.01 $203.51
Medicare $66.63 $70.26
State Tax $222.51 $221.80
Net $3,506.48 $3,482.44