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.
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.
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:
Human resources professionals
Use coupon code NB5SQH8N and get 10% off on registration, Valid till Dec 31st 2016.