When payroll is reversed, everything is backed out including any withholding and taxes. It's a mess but that's for your HR payroll team to solve
As far as the situation, how did it take 4 months to come to light? We're you unaware all this time of the double payment?
I would amend to 24 months anyway. Worst case is that you get interest on the money for the next 12 months then give it back. Best case you end up staying at the job longer than you thought and got paid more for it
Why didn’t you say something immediately when you noticed the error? Why did you spend money that wasn’t yours? I mean I get why, but these things always eventually get sorted so it’s better to be honest up front.
I would assume they are a higher earner that doesn't pay close attention to their bank accounts? I keep a spreadsheet myself to track this kind of stuff, but if I wasn't and I could easily go + or - $5k and not realize it.
If you have the option to pay back prorated, I don't even understand the question. There is zero reason to even consider not taking the $10k/24mo deal. None. Nothing to think about. Stay until you find a better job or whatever job you're looking for, pay back the prorated amount (taking into account withholding/taxes) - that's it.
Overpayment should be repaid by the employee at the net amount, not the gross amount. The rest they should be fixing in their tax withholding paperwork. You never had that money.
When payroll is reversed, everything is backed out including any withholding and taxes. It's a mess but that's for your HR payroll team to solve As far as the situation, how did it take 4 months to come to light? We're you unaware all this time of the double payment?
I would amend to 24 months anyway. Worst case is that you get interest on the money for the next 12 months then give it back. Best case you end up staying at the job longer than you thought and got paid more for it
Why didn’t you say something immediately when you noticed the error? Why did you spend money that wasn’t yours? I mean I get why, but these things always eventually get sorted so it’s better to be honest up front.
I would assume they are a higher earner that doesn't pay close attention to their bank accounts? I keep a spreadsheet myself to track this kind of stuff, but if I wasn't and I could easily go + or - $5k and not realize it.
If you have the option to pay back prorated, I don't even understand the question. There is zero reason to even consider not taking the $10k/24mo deal. None. Nothing to think about. Stay until you find a better job or whatever job you're looking for, pay back the prorated amount (taking into account withholding/taxes) - that's it.
i have had experience with this situation and brought it up immediately.
They will undo the withholding if you pay the money back, so there is absolutely no reason to turn down the free money
Overpayment should be repaid by the employee at the net amount, not the gross amount. The rest they should be fixing in their tax withholding paperwork. You never had that money.