DEPENDENT CARE/CHILD CARE SUBSIDY MONTHLY STATEMENT EXPLANATION
The following is a brief description of headings on the monthly statement.
For those of you who only participate in Child Care Subsidy, not all columns
would apply to your particular situation.
PP#: Generally, there are 26 pay periods in a year. This
column will show the pay period number in which a deduction or payment
was made.
CHECK DATE: This date coincides with the day on which you
received your check for the corresponding pay period (six days after the
pay period end date).
DEP CARE CONTRIBUTION: The amount that is deducted
from you paycheck every two weeks and deposited into your Dependent Care
Account, which coincides with the Pay Period Number and Check Date.
SUBMITTED EXPENSES: The amount of expenses that you incurred
for that particular period of time, which was noted on the submitted Dependent
Care/Child Care Expense Reimbursement Form. (In some cases, there
may not be an amount listed for that pay period, since you reported a
TOTAL for a four-week period).
DEP CARE WITHDRAWAL: The amount of money eligible to be
withdrawn from your account and paid to you in the last paycheck of the
month.
BALANCE DEP CARE ACCOUNT: If you did not submit enough
expenses to cover your contribution, there will be a balance in this column.
REMAINING PRE-TAX EXPENSES: If you submitted more than
enough expenses to cover your Dependent Care Withdrawal, the difference
will be noted in this column. This amount can then be used to pay pre-tax
Child Care Subsidy.
TOTAL CCS HOURS: The total allowable hours for that particular
pay period for Child Care Subsidy purposes will be listed in this column.
This includes the reported hours for ALL of your eligible children.
IN ORDER TO ENSURE THAT YOU WILL BE REIMBURSED TOTALLY
FOR YOUR DEPENDENT CARE ANNUAL AMOUNT, CHILD CARE PRE-TAX PAYMENTS WILL
ONLY BE MADE IF THERE IS A BALANCE OF PRE-TAX EXPENSES (LAST COLUMN) GREATER
THAN OR EQUAL TO YOUR DEPENDENT CARE CONTRIBUTION FOR ONE PAY PERIOD.
CHILD CARE PRE-TAX PAYMENT: If you have not enrolled in
the Dependent Care program, this amount will be equal to your Total CCS
Hours. If you are enrolled in both programs, this amount will reflect
those hours eligible to be paid on a pre-tax basis, keeping in mind the
preceding criteria.
CHILD CARE AFTER-TAX HOLDING/PAYMENT: If your Dependent
Care Annual amount is $5,000 or you are IRS ineligible to receive pre-tax
benefits, all of your Child Care Subsidy will be paid on a taxed basis;
therefore, this amount will be equal to your Total CCS Hours. If there
are Child Care Subsidy hours remaining that have not been paid pre-tax,
this amount will equal the difference between the Total CCS Hours and
the Child Care Pre-Tax Payment and will be HELD for payment until
the end of the year.
ANY NECESSARY ADJUSTMENTS BETWEEN "PRE-TAX" AND "AFTER-TAX"
CHILD CARE PAYMENTS WILL BE MADE AT THE END OF THE YEAR.
BALANCE PRE-TAX/USED EXPENSES: If you are enrolled in Dependent
Care, this amount should be equal to at least one pay-period's worth of
your Dependent Care Contribution. If you are enrolled in Child Care Subsidy
only, this column will show any expenses you incurred that were not used
for pre-tax subsidy payments.
Each time frame processed will be delineated so that you can see an orderly
progression throughout the year.
REMINDERS:
1. The dates on all forms submitted should coincide with the WHOI pay
periods.
2. Forms are due on the 8th of each month.
3. All forms submitted need to be signed, including WHOI time sheets.
4. The Total Expense amount should be equal to that incurred by you,
not what WHOI will reimburse.
5. No more than three months of forms will be processed at one time.
If you have questions, please feel free
to call your Human Resources Representative. Thank you in advance for
your future promptness in submitting your fully completed forms. Your
cooperation helps us to meet out deadlines too!
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