Updates for Impact Awards and Departmental Monetary Awards
HR & Payroll Reward and Recognition is updating our processes to follow Commonwealth of Virginia policy. Individual impact awards and departmental monetary awards will no longer be grossed up to cover the payroll taxes normally deducted from an employee’s paycheck so that the employee will receive the value of the award in the net pay. All monetary awards, regardless of the funding source, are subject to taxes in accordance with IRS regulations.
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