Payroll compliance is becoming increasingly complex, especially for organizations that manage overtime, premium pay, and tips. Accurate W-2 reporting is critical, yet manual calculations and workarounds can lead to errors, inefficiencies, and time-consuming year-end adjustments.
OVTPremium, a purpose-built wsTOOLS solution for Microsoft Dynamics GP, helps organizations automate overtime and tip reporting with accuracy and confidence.
Accurate Overtime and Tip Reporting Made Simple
OVTPremium is designed for organizations that:
- Pay overtime at premium rates
- Report tips
- Need precise separation of overtime base pay and premium pay for W-2 reporting
By using payroll transaction history, OVTPremium calculates and stores overtime premiums automatically, accumulating totals by pay code and writing them directly to W-2 tables.
Key Benefits of OVTPremium
- Automatically separates overtime base pay and overtime premium
- Ensures earnings are reported in the correct W-2 box
- Reduces manual calculations and year-end adjustments
- Provides transparency into how premium amounts are calculated
Built-in SmartLists make it easy to review and validate calculations before reporting.
Flexible W-2 Reporting Setup
OVTPremium gives payroll teams full control over how overtime premiums are reported, including the ability to:
- Choose whether amounts report to Box 12 or Box 14 on the W-2
- Define a custom reporting label
- Select which pay codes are included in premium calculations
This flexibility allows organizations to align reporting with internal policies or advisor recommendations without customization.
How OVTPremium Calculates Overtime Premiums
Here’s a simple example:
- Employee works 8 overtime hours at $30/hour
- Regular rate is $20/hour
Premium calculation:
- $30 − $20 = $10 premium per hour
- $10 × 8 hours = $80 overtime premium
OVTPremium calculates this automatically during payroll processing and stores the results for reporting and review.
Ready to get started? Contact: sales@iscorp.biz
