Holiday Schedule

2014 Holiday Schedule

Holiday

Date

Martin Luther King

Monday, January 20, 2014

Spring Holiday

Floating Holiday that can be taken anytime between 3/1/2014 and 12/31/2015

Memorial Day

Monday, May 26, 2014

Independence Day

Friday, July 4, 2014

Labor Day

Monday, September 1, 2014

Thanksgiving

Thursday, November 27 & Friday, November 28, 2014

Christmas

Thursday, December 25, 2014

New Year’s Day

Thursday, January 1, 2015

1)      She was originally paid 30.60 hours for a gross amount of $609.55, taxes were withheld and the NET deposit is $556.21

2)       She should be paid 6.6 hours for a gross amount of $131.47 (before tax)

3)      We run a process in HRMS that will reverse the original payment and back all wages and taxes off the person’s record.

4)      Then we enter a new ‘adjustment’ transaction that will calculate and withhold taxes for what the employee should have been paid.

5)      Then we know the difference between the original gross-taxes = NET and the adjusted correct gross – taxes = NET so you can communicate the difference to the employee.  That is what we call the ‘net’ payback amount.

6)      If you want to know the ‘gross’ amount of the ovp, it would be 609.55 – 131.47 = 478.08

7)      That number doesn’t really tie back to anything since we put the new ‘adjustment’ payment in the system and let it calc taxes on the lower adjusted amount.  Since we can lower the taxes, we only have to ask the employee to pay back the difference.

8)      This calc is only good for the same tax year when the payment was made.  If the payback happens after the year ends, we cannot recalculate the taxes since we have already remitted those taxes to the IRS and State on the employee’s behalf.  That is why the original tax withholding must remain ‘as is’ and the NET payback amount is increased.