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Handling Payroll Overpayments Correctly
Employees can be overpaid in even the most well-managed payroll department. Yes, it could happen when mistakes are made; however, it is not always the outcome of an error. Maybe the employee got a sign-on bonus but had not stayed till the required time period. Perhaps the employee received a sign on bonus but did not stay for the required length of time. Whatever might be the reason, overpayments can and does happen and it should be handled carefully.
These advanced questions are also included in this webinar- What is required if the overpayment occurred this year? But what if it occurred in a previous tax year, does that change the rules? Are the rules different for federal income tax than they are for social security or Medicare taxes?
The 90-minutes webinar will be conducted by Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.
Webinar attendees will learn:
Handling Overpayments under IRS and State Tax Codes:
• Why a 1990 IRS Private Letter Ruling on handling overpayments applies today?
• Correcting overpayments in the same calendar tax year
• Why asking for the gross is better than the net check for prior year overpayments?
• Correcting FICA taxes for a prior year overpayment • Correcting FUTA/SUI taxes
• Using Form W-2 or Form W-2c to report overpayments
Wage and Hour Laws and Their Impact on Recouping Overpayments:
• The standards under the FLSA in terms of timeframe for recouping prior year overpayments
• Is a written agreement for repayment always required under the FLSA
• Collecting overpayments from exempt employees and its effect on salary basis compliance
• Recouping overpayments and its effect on minimum wage and overtime requirements
• Can employers treat advanced vacation payments as overpayments if an employee terminates?
• Where do the states stand on recouping overpayments?
To register for the webinar, visit https://www.edupliance.com/
Edupliance is an online information provider which offers webinars (Live and On-Demand), DVD's and downloadable resources that cover concurrent topics pertaining to various industries. With an expert panel of guest speakers, Edupliance brings state-of-the-
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