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two weeks on one paycheck
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<blockquote data-quote="Kae3106" data-source="post: 1116848" data-attributes="member: 27557"><p>Green checks do not have a higher tax withholding rate. The only items that are taxed at the supplemental rate are supplemental earnings which are defined as vacation/sick/option payoffs in lieu of time off and certain types of bonuses. </p><p></p><p>Several years ago, green checks were issued using the UPS AP (accounts payable) system and then had to be manually entered into Payroll the following week. This did cause some tax issues as it would add the adjusted amount to the current earnings and taxes had to be manually controlled. It was a pain in the ass. A system enhancement was created a few years back that allows the daily green check requests to be run right through payroll on a separate daily schedule rather than the regular weekly schedule. This allows the system to tax the green check properly based on the employee's W-4 settings. Actually, since green checks tend to be smaller than normal earnings because they are correcting mistakes, the taxes calculate a bit lower based on the gross earnings of the green check.</p><p></p><p>The reason they can't be EFT is because it would be slower. We can print a check and NDA it faster. Direct deposit to every single bank in the country can't happen over night. On the weekly cycle, we push all of the funds to one central bank and they push it to all of the various banks and credit unions utilized by the employees. From what I've been told, it takes a day or two for some of the smaller banks to process these transfers and make them available to their customers.</p></blockquote><p></p>
[QUOTE="Kae3106, post: 1116848, member: 27557"] Green checks do not have a higher tax withholding rate. The only items that are taxed at the supplemental rate are supplemental earnings which are defined as vacation/sick/option payoffs in lieu of time off and certain types of bonuses. Several years ago, green checks were issued using the UPS AP (accounts payable) system and then had to be manually entered into Payroll the following week. This did cause some tax issues as it would add the adjusted amount to the current earnings and taxes had to be manually controlled. It was a pain in the ass. A system enhancement was created a few years back that allows the daily green check requests to be run right through payroll on a separate daily schedule rather than the regular weekly schedule. This allows the system to tax the green check properly based on the employee's W-4 settings. Actually, since green checks tend to be smaller than normal earnings because they are correcting mistakes, the taxes calculate a bit lower based on the gross earnings of the green check. The reason they can't be EFT is because it would be slower. We can print a check and NDA it faster. Direct deposit to every single bank in the country can't happen over night. On the weekly cycle, we push all of the funds to one central bank and they push it to all of the various banks and credit unions utilized by the employees. From what I've been told, it takes a day or two for some of the smaller banks to process these transfers and make them available to their customers. [/QUOTE]
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two weeks on one paycheck
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