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

Event Details

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

Time: July 7, 2021 from 10am to 11:30am
Location: Online event
Street: Online event
City/Town: Fremont
Website or Map: https://www.traininng.com/web…
Phone: 5109628903
Event Type: online, event
Organized By: Joseph Wilcox
Latest Activity: May 14

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Event Description

Overview

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.  

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