Hi Jes,
As there are always grey areas,but taking your points in mind I will put down my counts like this
1. 1yr contract position from March 1,2012 to Feb 29,2012 but my last pay cheque was processed on March 14,2012.
Neither are particularly relevant. What is the date of the last day you actually worked?
2. My position wanted 70 hrs in 2 weeks which makes it 35hrs/week but with other over hrs were when I worked on Sunday/Sat Occasionally.
35 hours per week. 'Nuff said. Everyone works extra hours occasionally.
But - you haven't indicated whether you were an hourly employee or salaried employee.
3. Vacation was mandatory in our University position and was payed 4% on top of every pay cheque.
So, it sounds like you were an hourly employee. Did you actually take more than 2 weeks of vacation?
4. When my HR is going to right letter on my name its would be exact 1 year
They need to write the exact start and end dates that you worked (not what is stated in the contract).
and they will mention my annual earnings with hrs irrespective of pin pointing my days when I was off that dsnt make sense right?
Not really sure what you're asking. You were probably considered a full time employee who worked at least 35 hours per week (or, at least 70 hours bi-weekly). What days of the week you worked on really isn't important.
If you were not salaried, but paid hourly, they will probably mention your hourly wage and total earnings.
Since you were paid your vacation wages as you worked (rather than when you actually took vacation), you could have taken off more time than your vacation allowance (the extra time off would then be unpaid leave, which could leave you with less than 1 full year of work experience).
Since the VO can reverse calculate your hourly wage from total earnings, any large discrepancies could be identified.