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- Distinguish between supplemental wage payments and regular wage payments and identify wage payments that are neither supplemental nor regular.
- Compute withholding using each of the methods specified for supplemental wages.
- Apply critical options and exceptions to the general rules.
- Identify and apply the rules to common and not so common examples of supplemental pay.
- Apply the rules apply to severance pay, deferred compensation, and other post-termination payments.
- Determine when the 22% flat rate may be used and when it is not allowed.
- Determine when the 37% flat rate must be used and how to apply it to supplemental wage payments.
- Avoid failure to withhold penalties.
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.
Who Will Benefit
- Payroll Supervisors and Personnel
- Payroll Consultants
- Payroll Service Providers
- Public Accountants
- Internal Auditors
- Tax Compliance Officers
- Enrolled Agents
- Employee Benefits Administrators
- Officers and Managers with Payroll or Tax Compliance Oversight
- Company / Business Owners
- Managers/ Supervisors
- Public Agency Managers
- Audit and Compliance Personnel / Risk Managers.
Industries: Human Resource, Payroll & Accounting, Accounting And Taxation , Payroll, HR Compliance
Pat Haggerty 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, information returns, and accounting.
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