2022 - Supplemental Pay Essentials: Special Withholding Rules For Bonuses, Severance Pay, Commissions And Fringe Benefits

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
LEARNING OBJECTIVES
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
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 PROFILE
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.
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