Paycheck Tools to Help You Plan
While exploring your 2019 benefit options during Open Enrollment, you may want to consider using financial planning tools provided by IU to plan ahead for the next tax year. IU’s Payroll Office offers two different tools—one for faculty and staff paid over 12 months and one for faculty paid over 10 months—that will allow you to calculate your potential take-home pay based on scenarios you create, like changing your tax withholdings, retirement contributions, and even insurance deductions.
Faculty and staff employees paid over 12 months can use the Paycheck Modeler to project their take-home pay, while faculty paid over 10 months can use the Savings Tool. The Savings Tool is a modified version of the Paycheck Modeler. It’s designed specifically to assist faculty members paid over 10 months with budget planning for June and July, when they do not normally receive a paycheck. A special video on how to use the Savings Tool is also available.
Both tools can be found in the Employee Center at One.IU. Choose the Payroll and Tax module and look for the tool in the left-hand menu. Be sure to check out the FAQ on the Payroll website for more information.
Remember, you can make retirement and HSA contribution changes throughout the year, so don’t forget that you can use these paycheck tools to help guide your decisions outside of Open Enrollment, too.