Glossary of Terms

Click on the alphabetical categories below to view each of the terms. 

 

 



  • Annual Salary
    The total regular gross yearly pay for an employee.

  • Applicable Gross
    The amounts remaining after all dental, medical and retirement, deductions are calculated. The remainder is the amount taxable for Federal Insurance Contributions Act (FICA), Federal, State and City taxes (where applicable).

  • Calendar Year
    The calendar year, January 1 through December 31, used for tax purposes. Year-to-date pay and taxes are based on the calendar year.

  • Child Support
    A division of the Administration for Children's Services responsible for ensuring financial support for children by non-custodial parents by locating absent parents, establishing paternity, obtaining/ enforcing support orders, and collecting/disbursing payments.

  • Credit Union deduction
    A paycheck deduction which is deposit into your personal account with The Academic Federal Credit Union. The Academic Federal Credit Union is affiliated with Pace University. Staff members, their spouse and children are eligible to join.

  • Disposable Earnings
    Portion of an employee's earnings left after deducting those amounts that are required by law to be withheld including taxes,Social Security, Medicare, or contributions to the Academic Federal Credit Union.

  • Direct Deposit Program
    The electronic transfer of pay from Pace University's account to an employee's bank accounts. Funds are available in the employees' bank account on pay day.

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