Is there a place that I can look up the deduction codes on my paycheck? I called payroll services and benefits and both were less that helpful.

 

What code are you asking about?

 

Specifically:

&VEBA

@ ImpPilLife

 

VEBA deduct we all pay (0.5 CH I think)

Imputed value of life insurance (above a certain level)

 

if you look on page 2 of paper Earnings Statement you'll see the following under "Other Information"

$$Non-pilot pay for hrs worked & piece rate (no idea what that is)
@ Non-cash item not included in gross pay (the imputed income for insurance I think?)
& Item excluded from taxable wages (all the pre-tax deductibles)

 

I know that, but I want to know what the specific VEBA and ImpPilLife is code for.

 

Just want to point out I made my 10th post and it only took me 5 years!

 

Thank you!

 

With respect to VEBA (Voluntary Employees' Beneficiary Association)

CBA Section 27 I. Post-Medicare Retiree Health

3. The Company will make a lump sum contribution to the VEBA of $3.2 million, payable no later than November 30, 2006, with an additional $40 million contribution to be made to the VEBA no later than June 1, 2007.

As soon as practicable after October 30, 2006, but not later than January 1, 2007, the Company will contribute to the VEBA 50 cents of each paid credit hour for each pilot having a seniority list number (which would otherwise be paid to the pilot in cash) as the pilot's ongoing monthly contribution to the Post-Medicare Plan/VEBA. The Company shall remit such contributions to the VEBA no later than the 15th day of the calendar month following the calendar month during which the credit hours were actually paid. On the effective date of the Company's contribution of 50 cents per paid credit hour, the hourly pay rates agreed upon for pilots will be established as book rates. Actual pay rates will be 50 cents less per hour. All retirement and welfare benefits based on pay will be based on pay determined under the book rates. The purpose of this provision is to allow the ongoing monthly VEBA contributions of 50 cents per paid credit hour to be funded out of compensation that would otherwise be paid directly to pilots in cash.

Lump sum and monthly contributions will be placed in an interest-bearing escrow account until the VEBA is established

As to life insurance, from IRS publication 15 B, section 2

Exclusion from wages.
You can generally exclude the cost of up to $50,000 of group-term life insurance from the wages of an insured employee. You can exclude the same amount from the employee's wages when figuring social security and Medicare taxes. In addition, you do not have to withhold federal income tax or pay FUTA tax on any group-term life insurance you provide to an employee.

Coverage over the limit.
You must include in your employee's wages the cost of group-term life insurance beyond $50,000 worth of coverage, reduced by the amount the employee paid toward the insurance. Report it as wages in boxes 1, 3, and 5 of the employee's Form W-2. Also, show it in box 12 with code “C.” The amount is subject to social security and Medicare taxes, and you may, at your option, withhold federal income tax.

 

If you have access to IMS, the "deducts" screen spells out each deduction on your paystub.