Payroll Advance

---

Payroll Advance Key Points 1. WoodsEdge is converting from 24 pay periods per year to 26. Instead of being paid on the 15th and the LOM. You will be paid every other Friday

2. This will result in a change in your gross pay of 7%. Annual salary/26 vs annual salary/24

3. The first check of the new biweekly payroll will be for 1 week vs 2. 4. Twice a year you will receive 3 checks per month There will be no benefit (medical, dental, vision) deductions in these 3rd checks.

5. If requested WoodsEdge will advance 1 week of pay as a loan. Annual salary / 52 Part time staff working less than 20 hours per week can work additional hours.

6. The advance will be paid back through 6 payroll deductions starting 04/12/2019. 7. All staff members must complete and return the notification letter by 03/29/2019. 8. Staff members requesting the advance will receive a salary and repayment breakdown from the business office by 04/05/2019.

1

Example:  Johnny Test makes $50,000 per year.  Currently the Gross take home pay (before taxes and deductions) is $2083.33 per pay. ($50,000/24).  The new bi-weekly paychecks will be $1,923.08 ($50,000/26)  The first paycheck will be for one week. $961.54 ($50,000/52)  Advance of 1 week is $960 ($50000/52 rounded up or down to the nearest whole dollar divisible by 6)  The payback deduction is $160 per paycheck. ($960/6)  The paycheck on 04/12 would be for $1,761.54 before taxes and deductions. ($961.54 + $960)  The remaining 5 paychecks would be for $1,763.08 before taxes and deductions. ($1923.08 – $160)

2