If you own a small business, you’ve likely heard this term before, but what does it actually encompass? Supplemental wages are compensation paid in addition to an employee’s regular wages. This includes payments like bonuses, commissions, overtime pay, accumulated sick leave pay, severance, awards, prizes, back pay, and retroactive pay. The way you withhold on supplemental payments depends on whether the payment itself is identified as a separate payment from regular pages. Currently, the supplemental withholding rate is 5.99%. How the employer withholds on supplemental payments depends on whether the payment is identified as a payment separate from regular wages. The Rhode Island supplemental wage listing allows employers to track and report this withholding.
Keeping Track of Supplemental Wages
The Rhode Island supplemental wage listing is difficult to complete if you don’t have payment records on-hand. Unfortunately, most payroll software products don’t allow employers to have this type of customization – recorded payments are often only for W-9 employees. This can cause a problem if you need to pay a bonus or if you frequently contract 1099 workers. AMS Payroll ($129), our semi-automated payroll software, is different.
AMS Payroll software is great for small businesses, but this is also the perfect tool for employers who utilize by W-9 and 1099 workers. Whether you employ employees, contractors, commission-based workers, or use other employee compensation arrangements, AMS Payroll can help you calculate and distribute the appropriate tax.
Plus, AMS Payroll includes the Rhode Island supplemental wage listing within the software. This means employers can easily transfer data onto a facsimile of the form and either export or file electronically, all from the software. Whether you utilize contracted workers or provide annual bonuses, AMS Payroll is the best system for keeping track of the Rhode Island supplemental wage listing.
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More about AMS Payroll
In addition to being a flexible software for small businesses, AMS Payroll has everything you need to streamline your accounting. The product automatically calculates local, state, and federal taxes, withholds the appropriate amount from employee paychecks, then stores this data for later use, such as during quarterly and end-of-year reporting.
The tool also supports federal payroll forms, such as the 941, 940, 943, 944, and 1040 SchH, and allows users to electronically file 941, 944, and 940 forms. State and federal tax deposit information and disbursements can be recorded for up-to-date recordkeeping, and both state and federal tax tables are included and updated as needed. If you’re looking for a comprehensive payroll solution at a low price point, this is the tool for you.
Try us On for Size
We understand that investing in payroll software is a big step for most businesses. This is especially true for employers who utilize a lot of contracted workers because not all software products are flexible enough to accommodate these supplemental payments. That said, we want to make the decision as easy as possible. Our software is available as a free demo for you to use and peruse as you like. When you’re ready to buy, you can do so at any time. Have any questions about the software? Give our Sales and Information team a call at 800-536-1099.