Paycheck Modeler
MyDay's Model My Pay feature allows you to view an estimate of your pay after applying hypothetical changes to your federal and state taxes, earnings, and deductions. This tool will allow you to calculate paycheck estimates before making any actual changes to your benefit selections and tax withholdings. This tool is available to all employees.
PLEASE NOTE: THIS TOOL WILL NOT AFFECT YOUR PAY AND WILL NOT MAKE ANY CHANGES TO YOUR PAYCHECK
For questions related to your paycheck or payroll, please contact the Payroll team at payrollhelp@newschool.edu.
Accessing Model My Pay
Accessing Paycheck Modeler Through Myday
- Log Into MyDay. If you need assistance, please see Logging into MyDay.
- Select Menu in the upper right hand corner.
- Select Pay from the available apps.
- Select Model My Pay under Actions.
Accessing paycheck modeler through pay slip
- Log Into MyDay. If you need assistance, please see Logging into MyDay.
- Select Menu in the upper right hand corner.
- select pay
- select pay slips under view
- select a pay slip you wish to view and select view
- select model my pay
Utilizing My Pay
- You will required to use a prior paycheck as a base model before continuing. Select a paycheck from the Payment Date list provided. Click OK.
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- On the Model My Pay screen, select the Modeling Option you wish to model from the drop-down list. The options include Earnings, Pre-Tax Deductions, Post-Tax Deductions, and Tax Elections. Follow the below instructions.
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Please Note: You can add new pay components to your Earnings and Deductions by clicking the Plus symbol and selecting a new pay type. For example, add Bonus to earnings if you are expecting a lump sum payment; add 403b if you would like to start contributing to the retirement plan.
Taxes and Earnings
Earnings
Model adjusted earnings to see what your paycheck may look like with a change such as a bonus or pay increase.
- Select the Earnings drop down.
- Enter amounts in the Adjusted Value field to model changes.
Pre-Tax Deductions
Pre-tax deductions are amounts taken out of your pay before taxes are withheld. These are typically associated with your benefit elections, such as 403b retirement savings and medical pre-tax dollars.
- Select the Pre-Tax Deductions drop-down.
- Adjust your contribution in the Adjusted Value field.
Please note that adding an extra row for pre tax deductions is entirely optional not mandatory
Pre Tax Deductions
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Post-Tax Deductions
Post-tax deductions are amounts subtracted from your earnings after taxes have been withheld. Examples of post-tax deductions include life insurance and union dues.
- Select the Post-Tax Deductions drop-down.
- Adjust your contribution in the Adjusted Value field.
Current Tax Elections
To view your current tax elections click the drop down that says Tax Elections here you will see your current Federal and State tax withholdings
Tax Elections - Federal
You have the ability to model adjustments to your marital status, dependents, extra withholdings, and more.
- Select Adjust Federal Taxes to model a changes to your W-4.
- Click Adjust when complete.
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Tax Elections - State
NOTE: As a New York State employer, only New York State taxes are withheld. Attempts to adjust other states will produce an error.
- Click Adjust State Taxes to model changes to your New York State and Local withholding. Select New York from the Work or Home state drop-down and click Next.
- Make your adjustments and click Adjust to proceed.
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After you have made your adjustments as instructed above, click Model to view a side-by-side comparison of the original paycheck and modeled adjustments.
If satisfied with your intended modifications, use the instructions at the links below to make actual changes to your paycheck:
- Taxes: Manage Federal & State/Local Withholding Elections
- Deductions: View and Change Benefit Elections
Return to MyDay Payroll & Compensation Guide.