Topic : Supplemental Pay Essentials: Special Withholding Rules for Bonuses, Severance Pay, Commissions and Fringe Benefits
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Overview
Supplemental pay includes compensation such as overtime premiums, bonuses, severance pay and fringe benefits. It is an important component of employee compensation but has its own set of withholding rules. This training program will help attendees distinguish between supplemental wage payments and regular wage payments and help them identify wage payments that are neither supplemental nor regular. It will detail methods used to compute withholding on supplemental pay and discuss the application of the rules and methods to specific payments and situations.
Areas Covered in the Session:
Why Congress distinguished supplemental pay and enacted special rules for computing withholding.
Definitions and examples of supplemental and regular compensation including optional treatment and exceptions.
A detailed description of methods used to compute withholding on supplemental pay including examples.
When optional methods may be elected and when they may not.
When the mandatory flat rate method must be used and situations in which the employer has options.
The effect of Form W-4 claims and regular pay period on supplemental pay withholding.
Record keeping required for compliance with mandatory flat-rate withholding rules.
Penalties for failure to withhold and penalty avoidance.
Application of the rules to specific examples of supplemental pay situations.
Speaker Profile :
Patrick Haggerty is Keynote Speaker at ComplianceKey. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, and information return reporting.
Contact Info :
Compliance Key
https://www.compliancekey.us
Email : support@compliancekey.us
Phone : +1 717-208-8666
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