The Basics of Supplemental Pay Taxation
The Tax Cuts and Jobs Act of 2017 changed the supplemental rate for the first time in many years. However, it did not change the basic requirements for withholding on supplemental wages as laid out by the IRS. And managing the taxation of supplemental pay can be a complex challenge fraught with errors and quite costly to correct. One wrong step by payroll and the company could face severe penalties for everything from failure to withhold the correct tax (bad enough!) to actual wage theft (rare but can happen). This webinar covers the basics for payroll professionals on how to properly tax any supplemental payment including bonuses, severance pay and fringe benefits.
• Understand and be able to distinguish between supplemental wage payments and regular wage payments
• Determine the proper withholding using each of the methods specified by the IRS for supplemental wages.
• Identify and apply the rules to common and not so common examples of supplemental pay.
• Determine when to use each of the different supplemental rates correctly
• Understand the effect of Form W-4 and the payroll period have on supplemental pay withholding
Areas Covered in the Webinar:
• Definitions and examples of supplemental pay
• Detailed calculations on calculating the proper supplemental tax to withhold
• What options are available, when may they be elected, and who decides
• Record keeping requirements for compliance with mandatory flat rate withholding rules
Who can Benefit:
• Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
• Human Resources Executives/Managers/Administrators
• Accounting Personnel
• Business Owners/Executive Officers/Operations and Departmental Managers
• Attorneys/Legal Professionals
• Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.With over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issue... View Full Profile
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