About
OVTPremium
- OVTPremium automatically splits overtime and tips into Base and Premium pay for reporting
- Accurately records earnings in the correct W-2 Box 12 (TT or TP codes)
- Ideal for any organization that processes employee overtime or tips
- Streamlines payroll and ensures compliance
OVTPremium
Video Demo
As of the 2025 tax year, new reporting requirements for Form W-2 Box 12 are being introduced in response to the One Big Beautiful Bill Act (OBBBA), which created above-the-line tax deductions for:
Qualified tips (up to $25,000 per year)
Qualified overtime compensation (up to $12,500 per year)
These deductions are not tax exemptions — tips and overtime are still taxable — but they allow employees to deduct certain amounts from their federal taxable income.
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