Supplemental Pay Essentials: Special Withholding Rules For Bonuses, Severance Pay, Commissions And Fringe Benefits

Learn valuable insights and strategies from industry experts.

  • Expert-led Training
  • Industry Best Practices
  • Practical Implementation
  • Real-world Scenarios
Webinar Image
Date
22 August, 2023 (Tuesday)
Time
12:00 PM PDT | 03:00 PM EDT
Duration
90 Minutes Minutes

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 pay. 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. This fast-paced and detailed webinar will provide crucial information to effectively manage supplemental wage payments. It will discuss optional methods and when they may be used as well as the effect of Form W-4 claims and regular pay period on supplemental pay withholding.

Area Covered

  • The reasons Congress enacted special rules for withholding from supplemental pay
  • Definitions and examples of supplemental and regular compensation
  • Methods used to compute withholding on supplemental pay including examples
  • Optional methods - when they may be elected and when they may not
  • Application of the mandatory flat rate method and employer options
  • The effect of Form W-4 claims and regular pay period on supplemental pay withholding
  • Recordkeeping is 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 and Enrolled Agents
  • Internal Auditors
  • Tax Compliance Officers
  • 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

Speaker

Patrick 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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