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Supplemental Wage Payments: Common Withholding Guidelines

Know when wage payments should be classified as supplemental wages and the applicable withholding rules that apply.On January 1, 2020, the new overtime regulations put in place by the United States Department of Labor (USDOL) allows employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10% of the new required exempt salary level of $684 per week (or $35,568 per year for a full-year worker). This is one example of the many ways supplemental wages can be an excellent resource for employers to incentivize employees as well as augment their wages. If managed correctly, supplemental wages, as part of a total compensation package, can be an effective talent recruiting, staff retaining and marketing tool. As with all human capital management-related items, an appreciated and valued employee, is a happy employee. Happy employees provide better service to clients. Better serviced clients stay clients.
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Defining Supplemental Wages
  • The Internal Revenue Service (IRS) Publication 15-B
  • The United States Department of Labor (USDOL)
  • The Employee Handbook
Calculating the Withholding Amount
  • Cash vs. Fair Market Value
  • Determining the Taxable Amount
  • Determining Rate
Best Practices
  • Grossing-up Taxes
  • Other Considerations (Pensionable, Other Benefits)
  • Communicating to the Employee
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Tricia Richardson, CPP, SPHR, SHRM-SCP

Tricia Richardson, CPP, SPHR, SHRM-SCP

Purposed Payroll Professional

  • President, purposed payroll professional
  • Human capital management consultant, payroll and human resources best practices, regulatory compliance audits
  • Conducts regular webinars on all topics related to human capital management and payroll processes, regulatory compliance and best practices
  • Regular contributor to Paytech Magazine
  • National speaker for the American Payroll Association, Payroll Certification Study Group Leader, Human Resource Certification Study Group Leader
  • B.A. degree in management studies with a minor in psychology, University of Maryland University College
  • Can be contacted at [email protected]
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Product ID: 406378
Published 2020
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