Description
Overpayments happen; make sure you know how to recover the money properly and avoid any possible legal repercussions.
Errors happen, but when they happen in payroll and employees are overpaid, it is a minefield to understand how much can be deducted from employees’ future pay. Federal and state laws need to be considered as well as the type of overpayment, to determine how the money is paid back. This topic will give you the tools to understand how to handle employee overpayments, from how much can be withheld from employee pay if an employee pays back with a personal check. We will also discuss the issues surrounding employee loans and advances.
Learning Objectives
- You will be able to explain federal and state law.
- You will be able to review year-end reporting.
- You will be able to discuss overpayments in the current year.
- You will be able to identify types of overpayments.
Type of Overpayments
• Regular Pay/Bonuses
• Loans/Advances
• Noncash Overpayments
Tax Considerations
• Overpayments in the Current Year
• Overpayments in a Prior Year
• Year-End Reporting
Federal and State Law
• Minimum Wage
• State Laws
• Methods of Repayment
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- CPP/FPC
- Lorman Education Services is an approved provider through the American Payroll Association. This seminar is approved for 1.0 RCHs. PLEASE NOTE: To receive credit through the American Payroll Association for this program you MUST attend the program in its entirety, complete all progress checks and pass the final exam. You cannot obtain credit if you have already completed this course in its live version.
- HR Certification Institute 1.25
- This E-Learning program has been approved for 1.25 (General) recertification credit hours toward aPHR(TM), aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM) and SPHRi(TM)recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
- SHRM 1.25
- Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.25 PDC(s) for the SHRM-CP or SHRM-SCP.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the “credits” tab when viewing the course.
- Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
