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    HR TRAINING 2020 - Withholding Computations for Unusual Circumstances to Avoid Under-withheld Tax Penalties

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    Website | Edit Freely

    Category HR TRAINING 2020

    Deadline: October 01, 2020 | Date: October 01, 2020

    Venue/Country: Online event, U.S.A

    Updated: 2020-08-07 18:52:58 (GMT+9)

    Call For Papers - CFP


    Employer federal income tax withholding is intended to collect, throughout the year, the approximate the amount of the employee’s tax for the year. The wage bracket and percentage methods are the primary methods for computing the amount to withhold, but sometimes they just don’t seem to get the right result.

    When supplemental wages are added to the equation, the prescribed aggregate method and optional flat rate method frequently result in too much or too little withholding.

    Payroll professionals sometimes experience a flood of revised W-4 Forms just before and after scheduled bonus payments. This creates additional work and opportunities for mistakes for the payroll department and may not affect the withholding in the way the employee expected.

    In this webinar you will learn

    How to compute the "correct" or target annual withholding to avoid underestimated tax penalties

    The part-year withholding method - what it does, when it works, and how to use it

    Which methods require an employee request and which are employer options

    How to test an employer designed method to assure compliance with IRS requirements

    Which methods smooth withholding when compensation varies pay period to pay period

    Which methods soften the impact of bonus payment withholding without changing the W-4

    How regular use of the cumulative wage method automatically adjusts for fluctuating compensation

    Why you should Attend

    The danger for employers and payroll professionals is that failure to withhold the correct amounts per employee W-4 parameters may result in penalties and possible personal liability for the amounts the employer failed to withhold imposed on individuals deemed responsible for correctly collecting and paying employee taxes.

    This course will provide a knowledge of alternative methods to compute withholding under special circumstances. In some cases, these methods can be used in place of employee’s making multiple changes to Form W-4 to avoid over-withholding on supplemental or irregular wage payments, such as commissions or bonuses.

    Areas Covered in the Session

    The requirement to withhold and Form W-4 claims

    The percentage and wage bracket methods with an example of use of the daily or miscellaneous withholding tables

    Methods used to compute withholding on supplemental pay including examples

    Automated systems tables

    Annualized wage method - what it does, when and how to use it

    Average wage method - what it does, when and how to use it

    Cumulative wage method - what it does, when and how to use it

    Part year employment method - what it does, when and how to use it

    Other methods and maximum permissible deviations rules

    Non-resident alien withholding rules

    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


    Public Agency Managers

    Audit and Compliance Personnel /Risk Managers

    Speaker Profile

    Patrick A 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.

    Keywords: Accepted papers list. Acceptance Rate. EI Compendex. Engineering Index. ISTP index. ISI index. Impact Factor.
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