Faculty who begin employment with Baylor's Fall semester (in August) have the option to receive their ten-month academic year salary in twelve installments. This election divides the academic year salary amount by twelve instead of the usual ten, with FICA and withholding taxes deducted each month based on the twelve-month pay option gross. Faculty who elect this option will receive monthly compensation August through July of each academic year.
Note: This option does not affect employment or benefit status.
• 10-Month Contract Salary $50,000.00
• 12-Month Pay Option Gross 4,166.67
Any summer compensation will be added to the option amount for June and July.
IRS regulations provide that once the the faculty member has agreed to this arrangement, it may not be revoked for that academic year. As with any tax matter, a personal tax counselor should be consulted for any questions.
Faculty may elect or revoke this pay option for the future academic year annually, on or before the August 10th deadline.
Questions regarding this option may be directed to askHR@baylor.edu or at 254.710.2000.