IRS Alternative Withholding Methods - Avoiding Underestimated Tax Penalties (MLC161A)

  Pre Recorded Webinar
  120 minutes

Learn How To Compute The "Correct" Or Target Annual Withholding To Avoid Underestimated Tax Penalties.

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.

The IRS has developed several alternatives to the traditional withholding methods. These methods are designed to provide a withholding amount that is closer to the "correct" amount of withholding required to meet the employee's tax obligation. The methods can be useful when employee compensation varies from pay period to pay period or in special situations such as part-year employment. Employers may even design their own methods so long as the results fall within certain parameters.

The danger for employers and payroll professionals is that failure to withhold the correct amounts per employee W-4 parameters may result in penalties and possible personal liability for the amounts the employer failed to withhold imposed on individuals deemed responsible for correctly withholding taxes.

Attend this webinar by our expert speaker Patrick Haggerty to learn how to compute the "correct" or target annual withholding to avoid underestimated tax penalties.

Session Highlights:

In this webinar you will learn

This program will provide examples of computations for

Who should attend?

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Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to repr... More info


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