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Calculating the correct withholding from employee pay is even more challenging when compensation varies pay period to pay period, for part-year employment or when bonuses are issued. Employers may over or under-withhold - resulting in costly penalties and even personal liability. These mistakes mean a flood of revised W-4s, additional work for payroll, and also more room for error.
To better approximate employees' tax withholding in these instances, the IRS developed alternatives to the traditional withholding methods. These methods provide a withholding amount that is closer to the "correct" amount of withholding required to meet the employee's tax obligation.
Join us to learn how to apply these IRS alternate methods for more accurate withholding, plus tips for evaluating your own employer-developed method. In our 60-minute program, you'll discover:
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice.
Irregular pay amounts, work schedules and bonus make it hard to accurately calculate how much tax to withhold from employees, but the IRS alternative withholding methods can help. Join us to learn when these methods apply, and understand when best to use each option.