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estimate using the calculator - School District _35 - Langley

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estimate using the calculator - School District _35 - Langley Powered By Docstoc
					                                              SCHOOL DISTRICT NO. 35 (Langley)
                                    SAMPLE 12-MONTH PAY OPTION (CAT. 5, 10 TEACHER)


                                  Payroll Transactions                                  "Savings Account" Transactions
                            Gross                     Savings @            Opening      Savings   Interest @    Account     Closing
                      Incl 2% SIP Allow       Net       16.67%              Balance    Deposited    0.55%         Paid      Balance    Interest calculated on closing balance after
Sept Mid-Month                            $ 2,250.00 $ 375.08             $      -     $ 375.08 $         -   $       -    $ 375.08    advance pay:
Sept Month End        $       7,435.29       2,749.45     458.33              375.08      458.33        0.09          -       833.50   $375.08 x .55% / 24 = $0.09
Oct Mid-Month                             $ 2,250.00      375.08              833.50      375.08        0.19          -     1,208.77
Oct Month End                 7,435.29       2,749.45     458.33            1,208.77      458.33        0.28          -     1,667.38
Nov Mid-Month                             $ 2,250.00      375.08            1,667.38      375.08        0.38          -     2,042.84   Interest calculated on closing balance after
Nov Month End                 7,435.29       2,749.45     458.33            2,042.84      458.33        0.47          -     2,501.64   month-end pay:
Dec Mid-Month                             $ 2,250.00      375.08            2,501.64      375.08        0.57          -     2,877.29   $833.50 x .55% / 24 = $0.19
Dec Month End                 7,435.29       2,749.45     458.33            2,877.29      458.33        0.66          -     3,336.28
Jan Mid-Month                             $ 2,084.00      347.40            3,336.28      347.40        0.76          -     3,684.44
Jan Month End                 7,435.29       2,546.28     424.46            3,684.44      424.46        0.84          -     4,109.74
Feb Mid-Month                             $ 2,084.00      347.40            4,109.74      347.40        0.94          -     4,458.08
Feb Month End                 7,435.29       2,546.28     424.46            4,458.08      424.46        1.02          -     4,883.56
Mar Mid-Month                             $ 2,084.00      347.40            4,883.56      347.40        1.12          -     5,232.08
Mar Month End                 7,435.29       2,546.28     424.46            5,232.08      424.46        1.20          -     5,657.74
Apr Mid-Month                             $ 2,084.00      347.40            5,657.74      347.40          -           -     6,005.14
Apr Month End                 7,435.29       2,546.28     424.46            6,005.14      424.46          -           -     6,429.60
May Mid-Month                             $ 2,084.00      347.40            6,429.60      347.40          -           -     6,777.00
May Month End                 7,435.29       2,546.28     424.46            6,777.00      424.46          -           -     7,201.46
Jun Mid-Month                             $ 2,051.00      341.90            7,201.46      341.90          -           -     7,543.36
Jun Month End                 7,435.29       2,507.58     418.01            7,543.36      418.01          -           -     7,961.37
July 15th                                                     -             7,961.37         -            -     (3,980.69)  3,980.69
                                                                                                                                       Balance of "savings account" paid in two
Aug 15th                                                      -             3,980.69         -            -     (3,980.69)        -    installments in July and August.
                      $       74,352.90      $ 47,707.78     $ 7,952.85                $ 7,952.85   $     8.52   $ (7,961.37)


Notes:
1. Interest is calculated each pay period on the previous pay period closing balance of the employee's "savings account".
2. Interest is calculated semi-monthly at the current annual rate divided by 24 (annual rate / 24 = semi-monthly rate).
3. Interest rate is the rate earned by the District on its monthly current account balance.
4. Interest paid by the employer will be treated as taxable income in the year in which it is paid to the employee.




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                                                                                                                                                                              5/8/2011

				
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