The Paycheck Modeler is a financial planning tool that's available to all employees. It's located in the Payroll & Tax section of the Employee Center task tile in One.IU. This tool allows you to calculate your potential take-home pay based on a variety of scenarios, including changes to tax withholdings, retirement contributions, and insurance deductions.
Follow these steps to get started:
- Agree to the terms and conditions.
- Confirm or adjust your salary.
- Review deductions.
- Modify tax withholdings.
- Calculate your paycheck breakdown.
Remember, projections made using the Paycheck Modeler are only intended for planning. Changes won't affect your actual payroll or tax information.
- Who can use the Paycheck Modeler?
- This tool is available to faculty members, staff, biweekly, and hourly employees. You must have received at least one paycheck from IU before you can use the Paycheck Modeler to model adjustments to future paychecks.
- What are the hours of operation for the Paycheck Modeler?
- Generally, the tool is available 24/7. However, there are temporary outages during late-night system maintenance and when University Payroll calculates final payroll figures.
- How often can I use the Paycheck Modeler?
- Up to 25 times per day.
- Why can't I edit certain fields in the earnings section?
- Depending on the type of earning, you may only be able to enter hours, amount, or rate; or a specific combination of the three.
- Why is the "edit" button missing from my taxes?
- If you have a Special Tax Status of “no taxable gross; no tax taken”, you cannot edit that particular tax class.
- What is a "Special Tax Status"?
- Most employees have a Special Tax Status of “None”. You will only see something different if you are a nonresident alien (NRA) or claiming a Tax Exempt status.
- Why are my deductions inflated?
- Arrears, or voluntary deductions due from prior pay periods, are included in paycheck modeling. If you have arrears, they will be on any modeled check.
- Why do I see previous localities?
- Due to the complexity of Indiana local tax, IU maintains record of any previous localities you had reported but is unable to hide previous localities from view in the Paycheck Modeler.
- You can, however, only model checks based on current localities. To update your localities, you must update your WH-4 in the Payroll & Tax module of the Employee Center. Select IN Tax Withholding in the left-hand menu to update your WH-4.
- Why did my salary reductions for supplemental retirement increase?
- Since supplemental retirement (e.g., tax deferred annuity and 457b) deductions are based on a percentage calculation, any change in earnings will result in a difference in those deduction amounts.