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Reply from Rick212 on Nov 9 at 4:59 PM We use I0234
Supplemental method 01
Override amount 00.00
Override percentage 35
Once this is set up it will take a flat 35% for all payments subject to federal tax. So you may want to put in an end date.
| | | ---------------Original Message---------------
From: Michael
Sent: Tuesday, November 08, 2016 4:20 PM
Subject: Withholding Tax for Severance Pay
I recently took over IT support for HR/Payroll and am still learning all of the complexities. Our former CEO has requested that we withhold 35% from his lump sum severance payment instead of the standard 25%. Does anyone know the best way to do this. We tried using off cycle workbench and the severance wage type along with an override amount but the system ignores the override and just withholds 25%. Then we tried using the additional withholding field in the W4 info but it still just withheld 25%. Appreciate any guidance / suggestions.
Regards,
Michael |
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