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payroll deduction adjustment
Posted: Tue Jan 26, 2021 2:41 pm
by neac
For 2020, there are some payroll deductions that I need to adjust. The adjustments in question are for LTD deductions from employee paychecks.
Employee paychecks were deducted too much.
Since these errors were made in 2020, I would like to date the corrections for Dec. 31, 2020, but since I have to include it in a paycheck in 2021, is this possible?
Re: payroll deduction adjustment
Posted: Tue Jan 26, 2021 4:30 pm
by NeilZ
neac wrote: ↑Tue Jan 26, 2021 2:41 pm
For 2020, there are some payroll deductions that I need to adjust. The adjustments in question are for LTD deductions from employee paychecks.
Employee paychecks were deducted too much.
Since these errors were made in 2020, I would like to date the corrections for Dec. 31, 2020, but since I have to include it in a paycheck in 2021, is this possible?
In a word, no.
What were the deductions? If income taxes, they would get the funds back when they file.
Re: payroll deduction adjustment
Posted: Tue Jan 26, 2021 5:13 pm
by neac
It's a non-taxable benefit: Long-term disability
Re: payroll deduction adjustment
Posted: Tue Jan 26, 2021 8:12 pm
by NeilZ
neac wrote: ↑Tue Jan 26, 2021 5:13 pm
It's a non-taxable benefit: Long-term disability
FWIW ... I would not try to refund, just adjust the amount deducted this year to make up the overage.