The amount generated represents your total earnings before tax deductions and includes the following components:
- Salary: The base income from your job.
- Medical Plan: The cost of your medical insurance, paid by you as an employee.
- Dental Plan: The cost of your dental insurance, also paid by you as an employee.
- Retirement: Contributions made by the University towards your retirement savings.
- If you are currently enrolled in the Utah Retirement System (URS), please note that you will have to contact HR for a full benefits breakdown specific to your situation.
- For those participating in the Teachers Insurance and Annuity Association of America (TIAA), there is a 14.20% annual contribution towards your retirement savings.
The calculator performs the calculation using this formula:
- Take Home Pay Before Taxes = Salary + Medical Plan + Dental Plan + Retirement (URS or 14.20% of your Salary for TIAA)
By entering your values into the calculator, you can quickly determine your pre-tax earnings, facilitating better financial planning and budget management.