Do your employees ever complain that too much or too little was withheld from their bonus checks? Does the IRS allow employees to revise W-4 Forms just before a bonus payment? The 25 percent flat rate hits lower paid employees pretty hard: must it be used? Do you know which withholding method to use?

The introduction of mandatory flat rate withholding for certain supplemental payments changed the definitions of supplemental and regular pay and the rules for applying the default, optional, and mandatory withholding methods.

The rules created a requirement to identify and track all supplemental payments for each employee. Can you distinguish supplemental pay, regular pay, and compensation that is neither supplemental nor regular pay? Do you know which withholding method to use? There are options. It is possible to select an allowable method that withholds an amount that satisfies the requirements of both the employee and the IRS. However, mistakes can result in costly withholding penalties.

The latest withholding and taxation rules for supplemental pay involve compliance issues regarding when to apply default, optional and mandatory withholding methods for payments. Proper application of the withholding methods requires identification and calendar year tracking of each employee's supplemental payments in the payroll records.

Join Patrick Haggerty, CPA, as he discusses these issues related to supplemental pay:
•When wage payments are supplemental wages or regular pay
•Essential record keeping requirements to stay compliant
•The latest IRS regulations on the withholding of supplemental wage payments
•Critical exceptions and options employers need to know
•Essential rules for withholding severance and deferred compensation
•Supplemental pay and the W-4 Form
•Common (and not so common) examples of supplemental wages
•When are non-cash fringe benefits supplemental pay?
•Key approaches used to determine the applicable withholding rate
•When the optional flat rate method may be used and when it can't
•How to avoid penalties for failure to withhold properly

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