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PAYROLL: Overpayments
- If you were overpaid and want to repay the funds in the following tax year, you must repay the net amount of your over-payment plus federal and state taxes withheld. Contact Payroll Clerk for an exact calculation.
- Your federal tax was deposited into your IRS account and you will likely take a tax credit or wage reduction to recoup any overpayments you may be entitled to (see IRS Publication 525). No adjustments are made to your taxable wages nor taxes withheld. Payroll will provide a receipt for the payment which can be used to support an adjustment on your personal tax return.
- Upon receipt of your repayment, Payroll will provide a corrected W-2 (W-2C) for tax filing purposes which shows a correction of your contributions to Social Security and Medicare accounts only.
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