Payroll Best Practices: 10 Areas You Must Handle Correctly to Ensure Compliance: One and a Half day In-Person Seminar
April 17 - 18, 2014 - Las Vegas CA USComplianceOnline
referral@complianceonline.com
Phone:+1-650-620-3915
Fax:+1-650-963-2556
Course Description: Paying an employee is not simply multiplying the hourly rate by the number of hours worked to get the gross wages and deducting the taxes from these. Employer responsibilities go beyond taxing and reporting what is paid through the paycheck under IRS and state requirements. Any payment to an employee could and should be considered taxable wages. So the payroll department must not only worry about the fringe benefits it processes such as third-party sick pay, but all of the payments made by accounts payable such as auto allowances, moving expenses, prizes and awards or gift cards given to employees. Garnishments also have to be handled properly. And the responsibility doesn’t end when the employment is terminated. It is also the employer’s responsibility to ensure that all paychecks issued to the employee have been cashed or it must relinquish those wages to the state at regular intervals. Learning Objectives: Upon completing this course participants will: -Understand how to calculate overtime correctly under the Fair Labor Standards Act. -Know when you can and cannot deduct from an exempt employee’s salary. -Be able to determine the proper state income tax to withhold when an employee lives and works in two or more states and which state gets the unemployment insurance. -Understand what are the rules and regulations governing the withholding for child support, federal and state tax levies, creditor garnishments, voluntary wage assignments and bankruptcies. -Learn how to handle overpayments under both wage and hour law as well as IRS regulations and what to do if the overpayment and the repayment occur in separate tax calendar years. -Learn the tax ramifications of third party sick pay and how whether the insurance company is the employer’s agent or not the employer’s agent affects the taxation and reporting of the wages. -Understand what is considered abandoned wages and how to track, remit and report them properly to the correct state agency. -Comprehend the basic taxation and calculations concerning the personal use of company property including cars, airplanes, cell phones, tablets and housing. -Have a basic understanding of when meals and lodging provided by the employer are taxable wages to the employee and when they are not. -Be able to determine when an auto allowance paid to an employee is taxable income. -Understand the basic tax rules concerning items paid out of accounts payable such as prizes, awards, bonuses, educational assistance payments and relocation benefits as well as the definition of de minimis. Who will Benefit: This HR compliance course is designed for people tasked with ensuring compliance within the payroll process for their organization. The following personnel will benefit from the course: -Payroll professionals -Human resources professionals -Accounting professionals -Finance professionals -Business owners -Legal professionals -Anyone responsible for the compliance issues of a payroll department