Have you ever anticipated a change to your earnings, benefit deductions, retirement or tax withholding and wondered how the change would impact your net take home pay?  Now you don’t have to wait for your paycheck to see how the changes will be reflected in your net pay.  A new Paycheck Modeler is now available in PeopleSoft Self Service.  The Paycheck Modeler can be found in PeopleSoft Self Service under Payroll and Compensation.

Using values from your last paycheck, the new tool guides you through a series of steps to quickly explore what-if scenarios, such as:

• Change your marital status or allowances for federal/state taxes
• Adjust your earnings for an expected increase/decrease in pay
• Change or add/remove a spouse or child for benefit coverage
• Estimate how much you can increase your retirement savings contribution

Remember, projections made using Paycheck Modeler are only intended for planning.  The changes will not affect your actual payroll or tax information.  If you wish to make the change to your taxes or deductions permanent, you must do the following:

• Tax Changes - Complete a paper W-4 or Oklahoma State Tax form; you may also complete the federal form or Oklahoma State Tax form in Employee Self Service.
• Retirement Changes – 403(b), Roth 403(b), 457(b) or Roth 457(b) changes can be made at Fidelity Online, https://nb.fidelity.com/public/nb/Sooners/home.
• OTRS questions should be directed to the Benefit Office at 325-1826.
• Benefit Changes – Contact the Benefit Office at 325-1826.
• Other Miscellaneous Deductions – Contact the appropriate department for the deduction, e.g. OU Credit Union - 325-2211; Parking Services – 325-3311; Huston Huffman – 325-1365, etc.

Frequently Asked Questions and Directions for using the Paycheck Modeler are attached for your convenience. 

Michelle Boydstun, CPP

Director, Payroll and Employee Services

(405)325-5578