Xavier University
Open search dialog
Student Employment

Calculating Wage Funds

HOW TO CALCULATE THE AMOUNT OF MONEY YOU WILL NEED TO FUND STUDENT EMPLOYMENT WAGES:

Step 1. Multiply number of hours per week (×) the hourly wage (plus the benefit percentage for Fall semester, see below*) (×) the number of weeks for Fall semester that your student employee(s) will work. 

Step 2. Multiply number of hours per week (×) the hourly wage (plus the benefit percentage for Spring semester, see below*) (×) the number of weeks for Spring semester that your student employee(s) will work. 

Step 3. Multiply number of hours per week (×) the hourly wage (plus the benefit percentage for Summer semester, see below*) (×) the number of weeks for Summer semester (during the correct fiscal year**) that your student employee(s) will work. 

**Xavier operates on an Accrued Fiscal Year Starting on 7/1 and ending on 6/30 for each year.  For example:  FY21 started on 7/1/2020 and ends on 6/30/21.  However, for funding purposes, take into consideration the work dates, not solely on the pay date that wages will be paid. See example below:

  • Pay Period 13 2021 - 5/31/21through 6/13/21,   Pay Date 6/25/21  (paid out of FY21 budget)
  • Pay Period 14 2021 - 6/14/21 through 6/27/21, Pay Date 7/9/21  (paid out of FY21) 
  • Pay Period 15 2021 - 6/28/21 through 7/11/21, Pay Date 7/23/21  (6/28 thru 6/30 paid out of FY21, 7/1 through 7/11, paid out of FY22).

Step 4. Add the fall, spring, and summer amount together to get the entire fiscal year funding needed for one student. If you have more than one student, do the same for them and add all the student annual funding needs together.

Note: The number of pay periods can be found on the Student Employee Payroll Schedule.  The number of weeks in each semester can be found on the Academic Calendar, the University Calendar.

If you have multiple students earning different amounts, working a different # of hours, you may want to calculate each one separately for the year and then add the total for each student to get the fiscal year need of funds for the fund/org.

*Add the correct amount of Benefits to your total salary or hourly wage.

Fall/Spring Semesters (Academic Year) Benefits
To calculate the benefits for Fall/Spring (Academic Year) for full-time students, take the total salary you calculated (or hourly rate):

[Salary or Hourly Rate] X [.025 (2.5%) for Workers Compensation] = Amount to Budget

Salary Example: $100 X .025 = $2.50  total $102.50*

Hourly Example: $8.80/hr X .025 = $.22  total $9.02/hr

Total Salary Fund $100 to 601651 and $2.50 to 602003 of the same unit.
City of Cincinnati Tax and State Taxes come out of the student's checks but aren't expenses for the University.

Summer Semester Benefits

  • If a student is taking 6 credit hours or more in the summer, the calculation is the same as above.
  • If the student is taking less than 6 credit hours, they are considered part time in the summer, the benefit percentage increases to 10.15%.

[Salary or Hourly Rate] X (.025 (2.5%) for Workers Compensation + .0765 (7.65%) for Social Security and Medicare])  = Amount to Budget total benefits .1015 (10.15%))

Salary Example: $100 X .1015 = $10.15 total $110.15*

Hourly Example: $8.80/hr X .1015 = $.89 total $9.69/hr

Total Salary Fund $100 to 601651 and $10.15 to 602003 of the same unit.
City and State Taxes come out of the student's checks but aren't expenses for the University. 

rev: 11012021