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Handling Payroll Overpayments Correctly
This document summarizes a presentation on handling payroll overpayments compliantly and effectively. It discusses following wage and hour compliance rules under the Fair Labor Standards Act and state laws when recovering overpayments. It also covers tax implications under IRS and state tax codes, including how to handle corrections for income, Social Security, Medicare, unemployment and income taxes. The full presentation provides more details on the FLSA and state requirements for recovering agreed upon overpayments, as well as options if the employee does not agree to repayment.
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Handling Payroll Overpayments Correctly
- 1. Handling Payroll OverpaymentsCorrectly Presenter Vicki M. Lambert Follow us : Get Expert Strategies to Help Your Payroll Department Handle Overpayments Compliantly and Effectively!
- 2. About the Speaker ©2015The Payroll Advisor 2 Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company’s website www.thepayrolladvisor.com offers a subscription payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations. As an adjunct faculty member at Brandman University, Ms. Lambert is the creator of and instructor for the Practical Payroll Online payroll training program, which is approved by the APA for recertification credits.
- 3. What Is OurFocus For Today? ©2015 The Payroll Advisor 3 Wage and Hour Compliance ◦ FLSA requirements ◦ Review of state requirements IRS and State Tax Codes ◦ 1990 Private letter ruling governs IRS requirements ◦ Current year vs. prior year ◦ How to handle FICA corrections ◦ FUTA and SUI corrections ◦ Form W-2 or Form W-2c
- 4. The FLSA Requires TheState Requirements Wage and Hour Compliance4 ©2015 The Payroll Advisor
- 5. FLSA Requirements ©2015 ThePayroll Advisor 5 DOL accepts inadvertent overpayments will occur If the employer and the employee do not agree that the wages were overpaid or if employee refuses to repay the amount legal options must be considered If both agree the wages were overpaid there are methods to recoup
- 6. To see thecomplete presentation check the below link: https://www.audiosolutionz.com/hr-compliance-employment/handling-payroll- overpayments095740.html