You can arrange through Piscataway BOE Payroll to have money taken from your paycheck and directly deposited into an account for you to have for summer savings. Forms are available on the district website, under the “Staff” tab. Select “Human Resources” then “Forms” on the left side menu bar. Forms are also available on the PTEA website myptea.org under the “Members” tab – select “Documents.”
Central Jersey Federal Credit Union has provided some informational packets with Direct Deposit Agreement Forms. Your building reps should have a few available. Once you have an an account you can arrange for Summer Savings. You can access your Savings from the CJFCU branch in Woodbridge or one of the Shared Branch affiliations (Just visit co-opsharedbranch.org or call 1-888-SITE-CO-OP.) You could also choose to create a checking account with a debit card for ATM withdrawals. There is a $5 account minimum and there are no monthly fees as long as you maintain the direct deposit and sign up for e-statements. You can create an account online at CJFCU.org or you can call the Member Service Center at 732.634.0600.
If you would like to have your summer savings deposited into any other bank other than CJFCU you will need to meet the requirements of that financial institution.
Completed Direct Deposit Agreement Forms should be sent to Kathy Uhrin in Payroll at the Administration Bldg.
email@example.com 732-572-2289 ext 2544
How to determine how much to withhold? That is your choice. If you want to approximate equal payments throughout the year, you can utilize the following formula:
Current take-home pay x 20 = approximate annual take home pay
Annual take home pay ÷ 24 = approximate equalized(15th/30th) take home pay
The difference between your current net/take-home pay and the equalized take
home pay is what you want to direct deposit into a separate account.
Net Pay $2085.79
$2085.79 x 20 = $41,715.80
$41,715.80/24 = $1738.16
$2085.79 – $1738.16 = $347.63
**If you direct deposit $350 a pay period all year, you can pay yourself $1738.16
on the 15th and 30th of July and August.