I see some people often confused on the pay period for Income Tax/TSP Contribution purpose with for Salary/Leave/Earnings purpose.
- For the Tax and TSP contribution purpose: the period starts from Jan1 and ends at Dec 31. So for the pay period-1 (PP-1) should start at the first pay you received in January and PP-26 (or could have PP-27 sometimes) will end at December.
- For the Salary/Leave/Earnings purpose for the bi-weekly Pay Period: the first new pay period with adjusted salary for the general increase and a fresh leave year will start at the first full two-week pay period (starts from Sunday and ends on the 2nd Saturday). So the earliest pay day for the new salary and leave year would be January 20th, if the Jan 1st aligns on Sunday and the beginning day of the pay period.
I hope this will clarify some confusions on the Pay Periods.
My two cents worth...
Paul
-----Original Message-----
From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Sent: Wednesday, November 21, 2018 12:39 PM
To: TSP_Strategy@yahoogroups.com
Subject: [Non-DoD Source] Re: [TSP_Strategy] 2019 contribution
Very odd that you would reference a PPD ending in the new year - mostly because you cannot earn in a new year and have it count in the prior years income (IRS). So, I took a look at a recent posting (http://money.federaltimes.com/2018/02/26/27-pay-periods-in-2018/) which surprisingly references material you've asked about here. So I pulled the NFC pay calendar for 2018 (https://payroll-calendar.com/federal-pay-period-calendar-2018-nfc/2018-payroll-calendar-funf-pandroid-co-with-regard-to-federal-pay-period-calendar-2018-nfc/) and it reflects that PPD-26 does indeed end on 12/20/2018 as I previously reported.
So, i t seems someones PPD charting is off somewhere - there are always 26 PPDs in a year with only one exception - when the PPDs align perfectly and the date the cycle starts allows for the 27th PPD to occur - which only happens eleven years after the last time it happened - depending on your agency. Best that you take a look at your ELS and validate what PPD you are in right now as the timing of this transaction is entirely suppose to start on the first day of the first pay period of the new year. You'll need to make sure its in place early enough for your payroll staff to execute before that first PPD closes out or you will miss the deduction / contribution to TSP.
On Wednesday, November 21, 2018, 5:28:45 AM PST, John.M.Liechty@faa.gov [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
It means make it in the last PP of 2018, no matter what the PP number is. Then it will start on PP01 of the next year.
Regards,
John
From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Sent: Wednesday, November 21, 2018 2:19 AM
To: TSP_Strategy@yahoogroups.com
Subject: Re: [TSP_Strategy] 2019 contribution
Does this mean make the transaction between 9-22 Dec?
On Wednesday, November 14, 2018, 4:54:31 PM GMT+1, Lindalyc@aol.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
You mean PP25 for Dec 9--22?
Someone said start at PP26 (Dec23--Jan 4th),
So I am a bit confused and unsure. any advice?
-----Original Message-----
From: John.M.Liechty@faa.gov [TSP_Strategy] <TSP_Strategy@yahoogroups.com>
To: TSP_Strategy <TSP_Strategy@yahoogroups.com>
Sent: Wed, Nov 14, 2018 9:18 am
Subject: RE: [TSP_Strategy] 2019 contribution
The best time is December 9 through 22, 2018 (PP 27).
Regards,
John Liechty
From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Sent: Wednesday, November 14, 2018 4:45 AM
To: TSP_Strategy@yahoogroups.com
Subject: [TSP_Strategy] 2019 contribution
Now that the contribution is up to $19K, what is the best day to change the contribution to $730 to ensure it hits on the first pay period?
Thanks in advance.
- For the Tax and TSP contribution purpose: the period starts from Jan1 and ends at Dec 31. So for the pay period-1 (PP-1) should start at the first pay you received in January and PP-26 (or could have PP-27 sometimes) will end at December.
- For the Salary/Leave/Earnings purpose for the bi-weekly Pay Period: the first new pay period with adjusted salary for the general increase and a fresh leave year will start at the first full two-week pay period (starts from Sunday and ends on the 2nd Saturday). So the earliest pay day for the new salary and leave year would be January 20th, if the Jan 1st aligns on Sunday and the beginning day of the pay period.
I hope this will clarify some confusions on the Pay Periods.
My two cents worth...
Paul
-----Original Message-----
From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Sent: Wednesday, November 21, 2018 12:39 PM
To: TSP_Strategy@yahoogroups.com
Subject: [Non-DoD Source] Re: [TSP_Strategy] 2019 contribution
Very odd that you would reference a PPD ending in the new year - mostly because you cannot earn in a new year and have it count in the prior years income (IRS). So, I took a look at a recent posting (http://money.federaltimes.com/2018/02/26/27-pay-periods-in-2018/) which surprisingly references material you've asked about here. So I pulled the NFC pay calendar for 2018 (https://payroll-calendar.com/federal-pay-period-calendar-2018-nfc/2018-payroll-calendar-funf-pandroid-co-with-regard-to-federal-pay-period-calendar-2018-nfc/) and it reflects that PPD-26 does indeed end on 12/20/2018 as I previously reported.
So, i t seems someones PPD charting is off somewhere - there are always 26 PPDs in a year with only one exception - when the PPDs align perfectly and the date the cycle starts allows for the 27th PPD to occur - which only happens eleven years after the last time it happened - depending on your agency. Best that you take a look at your ELS and validate what PPD you are in right now as the timing of this transaction is entirely suppose to start on the first day of the first pay period of the new year. You'll need to make sure its in place early enough for your payroll staff to execute before that first PPD closes out or you will miss the deduction / contribution to TSP.
On Wednesday, November 21, 2018, 5:28:45 AM PST, John.M.Liechty@faa.gov [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
It means make it in the last PP of 2018, no matter what the PP number is. Then it will start on PP01 of the next year.
Regards,
John
From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Sent: Wednesday, November 21, 2018 2:19 AM
To: TSP_Strategy@yahoogroups.com
Subject: Re: [TSP_Strategy] 2019 contribution
Does this mean make the transaction between 9-22 Dec?
On Wednesday, November 14, 2018, 4:54:31 PM GMT+1, Lindalyc@aol.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
You mean PP25 for Dec 9--22?
Someone said start at PP26 (Dec23--Jan 4th),
So I am a bit confused and unsure. any advice?
-----Original Message-----
From: John.M.Liechty@faa.gov [TSP_Strategy] <TSP_Strategy@yahoogroups.com>
To: TSP_Strategy <TSP_Strategy@yahoogroups.com>
Sent: Wed, Nov 14, 2018 9:18 am
Subject: RE: [TSP_Strategy] 2019 contribution
The best time is December 9 through 22, 2018 (PP 27).
Regards,
John Liechty
From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Sent: Wednesday, November 14, 2018 4:45 AM
To: TSP_Strategy@yahoogroups.com
Subject: [TSP_Strategy] 2019 contribution
Now that the contribution is up to $19K, what is the best day to change the contribution to $730 to ensure it hits on the first pay period?
Thanks in advance.
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