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One Time Merit Pay By Payroll Office Javier Martinez, Director.

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Presentation on theme: "One Time Merit Pay By Payroll Office Javier Martinez, Director."— Presentation transcript:

1 One Time Merit Pay By Payroll Office Javier Martinez, Director

2 One Time Merit Pay Classification of Pay Drives payment treatment IRS: Supplementary Pay Supplementary vs Regular Payments IRS Publication 15 FLSA: Non-discretionary Bonus

3 One Time Merit Pay - Taxation  Social Security & Medicare Taxes apply - 7.65%  Considered Retirement Compensation and subject to Contributions 6.4% TRS or 6.65% ORP HB 1545 (2001), SAO and TRS  Supplemental Income Tax Rate: 25% Withholding Tax  Total Taxes: 39.3% ORP, 39.05% TRS

4 One Time Merit Pay - Overtime  FLSA Payment Classification Non-discretionary Bonus  Retroactive Overtime Re-calculation Required Re-calculation period related to review period February 1 2009 through January 31 2010  Requires no involvement from departments; Payroll will: Identify all Overtime Payments Re-calculate Overtime Process OV5 document Advise affected employees  Target Payout Date: January 21, 2011  Budget will allocate funds to cover 14- account additional payments

5 One Time Merit Payment Questions?

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