Additional earnings
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Employees may receive additional compensation, such as tips, shift premiums,
PTO, and bonuses.
,What does an employer use to calculate the amount to withhold for an IRS tax levy?
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Take home pay
Qualified Plans (not taxable)
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401K or 403B
2022 Contributions are: $20,500
Catch up: $6,500
- Taxable for SS and Medicare
Regular rate of Pay
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Pay for all hours worked / all hours worked
W4S
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, Federal Income tax Withholding from Sick Pay
Qualified Employee Discounts
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Employer-provided discounts on qualified property and services that can be
excluded from an employee's gross income.
EX: discount on services not greater than 20% of retail price
When paying supplemental wages, when must the aggregate withholding method be
used?
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When no income tax is withheld from regular wages for the current or
preceding calendar year
How long do you keep log of injuries?
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5 years
, Asset accounts
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Assets are anything of value owned by the company
EX: computers, software, office supplies, furniture, money in a payroll
checking account
No additional cost services
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A nontaxable fringe benefit that provides employer services to employees
with little cost to the employer (e.g., airline tickets by AA or phone service by
a T-Mobile).
Gross-up
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to increase the net amount of what the employee receives to include the
taxes owed on the amount
(.7035)
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Employees may receive additional compensation, such as tips, shift premiums,
PTO, and bonuses.
,What does an employer use to calculate the amount to withhold for an IRS tax levy?
Give this one a try later!
Take home pay
Qualified Plans (not taxable)
Give this one a try later!
401K or 403B
2022 Contributions are: $20,500
Catch up: $6,500
- Taxable for SS and Medicare
Regular rate of Pay
Give this one a try later!
Pay for all hours worked / all hours worked
W4S
Give this one a try later!
, Federal Income tax Withholding from Sick Pay
Qualified Employee Discounts
Give this one a try later!
Employer-provided discounts on qualified property and services that can be
excluded from an employee's gross income.
EX: discount on services not greater than 20% of retail price
When paying supplemental wages, when must the aggregate withholding method be
used?
Give this one a try later!
When no income tax is withheld from regular wages for the current or
preceding calendar year
How long do you keep log of injuries?
Give this one a try later!
5 years
, Asset accounts
Give this one a try later!
Assets are anything of value owned by the company
EX: computers, software, office supplies, furniture, money in a payroll
checking account
No additional cost services
Give this one a try later!
A nontaxable fringe benefit that provides employer services to employees
with little cost to the employer (e.g., airline tickets by AA or phone service by
a T-Mobile).
Gross-up
Give this one a try later!
to increase the net amount of what the employee receives to include the
taxes owed on the amount
(.7035)
