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Supplemental Pay Taxation: Essentials for Payroll
On-Demand Recording
So, what are the new rates? How were withholding requirements effected?
These are questions payroll must be able to answer. Managing the taxation of supplemental pay can be a complex challenge fraught with errors – and costly to correct. Learn how to properly tax any supplemental payment. Get the tools you need to:
- Tax supplemental pay including bonuses, severance pay and fringe benefits
- Distinguish between supplemental wage and regular wage payments
- Determine when to use each of the different supplemental rates correctly
- Identify the effect of Form W-4 and the payroll period have on withholding
- Apply the rules to common and not so common forms of supplemental pay
Key Issues for Supplemental Pay Compliance
- New withholding rates for supplemental pay
- Regular wages vs. supplemental wages: Know the difference
- W-4 & pay period issues: When a withholding table should be used
- Essential record keeping requirements: Avoid the common mistakes
Treatment for Special Forms of Compensation: Commissions, Bonuses & More
- Common (and not so common) examples of supplemental wages
- Special options for overtime pay & tips: Stay Compliant
- Guidelines & examples from the latest revenue ruling
Which Withholding Method to Use on Supplemental Pay
- Definitions and examples of supplemental pay
- What options are available, when may they be elected, and who decides
- Optional Flat Rate: How to apply it when it's permitted
- The penalties involved for failure to withhold & how to avoid them
Live Question & Answer Session - Have your questions answered by the expert!
Program Benefits
This webinar covers the basics for payroll professionals on how to properly tax any supplemental payment including bonuses, severance pay and fringe benefits.
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HRCI CREDITS
This program has been approved for 1 (HR (General)) recertification credit hour toward aPHRTM, aPHRiTM, PHR®, PHRca®, SPHR®, GPHR®, PHRiTM and SPHRiTM recertification through the HR Certification Institute. Learn more at hrci.org
SHRM CREDITS
HRMorning is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®. This program is valid for 1 PDCs for the SHRM-CP® or SHRM-SCP®. For more information about certification or recertification, please visit www.shrmcertification.org.
